Tax Increment Restricted Zone (TIRZ) Fund Expenditures approved for Improvements at Gallardo Elementary Approved
In 1999, the District entered into an Interlocal Agreement with the City of San Antonio to create a Reinvestment Zone. The District remits funds to the Zone based on the increased property values in the Zone but also receives a portion of the Zone funding that is to be used for improvements in the Zone. The Tax Increment Restricted Zone approved a total of $754, 000 to include painting Gallardo Elementary. As of August 31, 2016, the total fund balance restricted for the Tax Reinvestment Zone was $2,055,714. The District expects to make improvements at Gallardo totaling approximately $664,000 related to summer projects previously discussed with the Board. The restricted fund balance after approval would be $1,319,714.
The Superintendent recommended the Board of Managers approve expenditures of $664,000 from the Tax Increment Zone Fund restricted fund balance for improvements of Gallardo Elementary School. Gallardo will be featuring a new parking lot and traffic flow improvements this school year.
** The Board also approved a contract over $50,000 for painting the interior and exterior at Gallardo Elementary.: The exterior wall paint is peeling and fading. This campus has the original paint from when it was built. Our goal is to meet those needs by maintaining school buildings, grounds, landscapes, turf and outdoor facilities in a manner that provides a safe and comfortable environment which is conducive to a positive learning experience.