Mesquite’s first Tax Increment Reinvestment Zone (TIRZ) was created Feb-ruary 1997 to update essential public infrastructure and to advance economic de-velopment to attract businesses and jobs. Since its inception, over $7 million has been expended to complete capital projects and to provide economic develop-ment incentives. The TIRZ encompasses 276.5 acres and is centered around the Mesquite Rodeo and the City’s Convention Center. Incremental growth in the TIRZ has increased by $36.5 Million from its base of $10.7 Million. The TIRZ is contrib-uting to cover the cost of the newly constructed Fire Station #4. The TIRZ tax in-crement is 75 percent of the City’s captured value and the City is the lone jurisdic-tion participating.
The Iron Horse Public Improvement District (PID), approved in January 2019, is contained within the TIRZ and has spurred development in the TIRZ. Within the 54-acre PID, new residential housing construction at the Iron Horse Vil-lage is being completed with retail construction to follow. With the construction of 336 housing units, the Iron Horse Village will increase increment value of the TIRZ by $116 million.
The current TIRZ term runs until December 31, 2049. At the end of the term, the properties within the TIRZ are expected reach a combined appraised value of $179 million far exceeding the base value when the TIRZ was created.