Twelve years after approving a special tax district to help build a master-planned community in Texas City, Galveston County is considering giving the development more time to reach its full potential.
The county is considering revising an agreement with Texas City’s Tax Increment Reinvestment Zone 1 to allow county tax dollars to go to the zone for 10 years longer than originally agreed.
The zone was created in 2007 to help develop the Lago Mar community on 3,500 acres along both sides of Interstate 45 in Texas City.
The zone’s administrators on Monday asked the county to divert 40 percent of property taxes paid by residential property owners in the zone to a development fund until 2037. The county’s original plan called for the county to remain in the zone until 2027.