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Waco City Council passes first reading of TIF projects including Magnolia Silos

Posted at 10:51 AM, Sep 04, 2019
and last updated 2019-09-04 12:02:57-04

WACO, TX — Funding for the downtown tax increment financing projects, including Magnolia Silos, was passed during the Waco City Council meeting Tuesday night.

One of the items on the agenda was to consider an ordinance amending the project and financing plan.

TIF funds for public improvements in the area of Magnolia Market will not to exceed $1,063,198.00.

The public improvements will be in the area of Magnolia Market. The area includes a coffee shop, home furniture store, retail village, a repurposed church building, outdoor walkways and recreation and reflection space.

TIF funds will also be in the area near the Marriott AC Hotel on the 300 block of S 6th Street. It'll include the public parking spaces in the hotel's parking garage.

The council passed the first reading of the TIF projects. They will need to vote on another reading before the project is finalized.