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Report: Property values increase downtown
by Courtney Bacalso
Midland Reporter-Telegram
Report: Property values increase downtown
Documents state the downtown area's appraised value now at $130 million, up more than $30 million since 2001
By Courtney Bacalso
Staff Writer
In the past six years, the downtown area's total appraised value has increased by 31.5 percent, according to the Tax Increment Reinvestment Zone's annual report.
The Midland City Council is expected to approve the report at its meeting Tuesday. The TIRZ began in 2001 to provide financing and management tools to stimulate downtown or "Zone" renovations.
When property owners within the Zone pay taxes based on their assessed value of their property, any incremental increased from 2001's taxable value will generate revenue that is placed in the TIRZ fund and can be used to pay for public improvements within the Zone.
The appraised value in 2001, when TIRZ began, was at $98.9 million. Now, the Zone's appraised value has increased to about $130 million.
About 449 acres constitutes the Zone -- comprised of 5.35 million square feet of office space, 249 hotel rooms and several blocks of undeveloped land.
Midland College, Midland County and Midland County Hospital District also join the city of Midland in participating in the Zone.
According to the report, the TIRZ received nearly $345,000 in annual revenue last year, bringing its total cumulative revenue to about $785,000.
The meeting will take place Tuesday at 10 a.m. in the Council Chambers, 300 N. Loraine St.
In other City Council business:
About $63,000 will be spent to repair a fuel tank leak at the city's service center, officials said Friday.
The City Council will vote to ratify emergency actions to repair the leak, which will allow for the project to move forward without a formal bidding process.
"Our monitors indicated that we were losing fuel," said Mark Phillips, the city's director of facilities and fleet management. "So, we dug it up and discovered there was a crack on top of the tank."
The 12,000-gallon tank is located at the city's center on Carver Street just north of Front Street.
In the meantime, Phillips said the city is using an above-ground tank.
He estimates it would take possibly a month for the repairs.
To obtain a copy of the city's agenda, log onto www.midlandtexas.gov.
Documents state the downtown area's appraised value now at $130 million, up more than $30 million since 2001
By Courtney Bacalso
Staff Writer
In the past six years, the downtown area's total appraised value has increased by 31.5 percent, according to the Tax Increment Reinvestment Zone's annual report.
The Midland City Council is expected to approve the report at its meeting Tuesday. The TIRZ began in 2001 to provide financing and management tools to stimulate downtown or "Zone" renovations.
When property owners within the Zone pay taxes based on their assessed value of their property, any incremental increased from 2001's taxable value will generate revenue that is placed in the TIRZ fund and can be used to pay for public improvements within the Zone.
The appraised value in 2001, when TIRZ began, was at $98.9 million. Now, the Zone's appraised value has increased to about $130 million.
About 449 acres constitutes the Zone -- comprised of 5.35 million square feet of office space, 249 hotel rooms and several blocks of undeveloped land.
Midland College, Midland County and Midland County Hospital District also join the city of Midland in participating in the Zone.
According to the report, the TIRZ received nearly $345,000 in annual revenue last year, bringing its total cumulative revenue to about $785,000.
The meeting will take place Tuesday at 10 a.m. in the Council Chambers, 300 N. Loraine St.
In other City Council business:
About $63,000 will be spent to repair a fuel tank leak at the city's service center, officials said Friday.
The City Council will vote to ratify emergency actions to repair the leak, which will allow for the project to move forward without a formal bidding process.
"Our monitors indicated that we were losing fuel," said Mark Phillips, the city's director of facilities and fleet management. "So, we dug it up and discovered there was a crack on top of the tank."
The 12,000-gallon tank is located at the city's center on Carver Street just north of Front Street.
In the meantime, Phillips said the city is using an above-ground tank.
He estimates it would take possibly a month for the repairs.
To obtain a copy of the city's agenda, log onto www.midlandtexas.gov.
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The following are comments from the readers. In no way do they represent the view of mywesttexas.com.
the-eurasianearthlink.net wrote on Jun 23, 2008 10:46 AM:
" experimental & pursuant to the 5th amendment prohibiting government from using private property without just compensation -- such as eurasian's cheaper solution to this fuel tank crack problem which will cause the city $63,000 to seal according to the city government of Midland.
To solve this fuel tank crack problem, that $63,000 is little compared to the explosion that can happen if welding sparks/flames/heat will cause that fuel tank toignite and explode.
A safer and much cheaper solution would be to repair the fuel tank with adhesives such as the epoxe sold in auto supply stores. Alternatively, the leak, since it is underground can also be sealed by rubbing and sticking bar soap onto the crack, preferably reinforced with a screen which does not dissolve in the fuel, like metal or aluminum screen wire for example. Preferably. the screen wire should be of same metal as the tank to prevent any possibility of electrolysis or be of nom-metal screen such as vynyl which does not dissolve in gasoline or oil or the plastic used in plastic gasoline containers. Once there is no more leak, soil etc can be backfilled to permanently press the patch onto the tank. ONE GREAT ADVANTAGE OF THIS EURASIAN SOLUTON IS THAT THIS DOES NOT NEED THE VERY HIGHLY SKILLED, HIGHLY PAID PEOPLE THAT CAUSE A SIMPLE REPAIR TO RISE TO $63,000 BECAUSE OF THE EXPLOSION DANGER OF WELDING. IN EURASIAN'S SOLUTION, THERE IS NO WELDING!!!!
Savings can be split between City of Midland and Eurasian 50/50. Remember, without eurasian, City of Midland won't even save a single cent from this $63,000 expense!!! "
To solve this fuel tank crack problem, that $63,000 is little compared to the explosion that can happen if welding sparks/flames/heat will cause that fuel tank toignite and explode.
A safer and much cheaper solution would be to repair the fuel tank with adhesives such as the epoxe sold in auto supply stores. Alternatively, the leak, since it is underground can also be sealed by rubbing and sticking bar soap onto the crack, preferably reinforced with a screen which does not dissolve in the fuel, like metal or aluminum screen wire for example. Preferably. the screen wire should be of same metal as the tank to prevent any possibility of electrolysis or be of nom-metal screen such as vynyl which does not dissolve in gasoline or oil or the plastic used in plastic gasoline containers. Once there is no more leak, soil etc can be backfilled to permanently press the patch onto the tank. ONE GREAT ADVANTAGE OF THIS EURASIAN SOLUTON IS THAT THIS DOES NOT NEED THE VERY HIGHLY SKILLED, HIGHLY PAID PEOPLE THAT CAUSE A SIMPLE REPAIR TO RISE TO $63,000 BECAUSE OF THE EXPLOSION DANGER OF WELDING. IN EURASIAN'S SOLUTION, THERE IS NO WELDING!!!!
Savings can be split between City of Midland and Eurasian 50/50. Remember, without eurasian, City of Midland won't even save a single cent from this $63,000 expense!!! "
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jOEY wrote on Jun 23, 2008 7:50 AM:
as far as the shortage of fuel., how much would the city save if the employees didn't take the fleet vehicles home. "