March 7, 2024 – The Sulphur Springs City Council approved on first reading Ordinance 2853 designating a certain area within the City of Sulphur Springs, Hopkins County, Texas as a tax increment financing reinvestment zone. This area will be known as Tax Increment Reinvestment Zone Number Two, City of Sulphur Springs, Texas.
This zone contains 4,333 acres and is also known as the Old Thermo Mine Area. The intention of the Reinvestment Zone is to implement Tax Increment Financing, which would allow the City of Sulphur Springs to divert future property tax revenue increases from that zone toward an economic development project or public improvement project to help enhance the desirability of private companies to invest in that same zone.
This procedure is the same way the City of Sulphur Springs was able to revitalize the downtown area including Celebration Plaza. The second reading of Ordinance 2853 will probably appear on the April 2024 agenda for the Sulphur Springs City Council.
