City of Lorena hopes to attract more development near I-35

Posted at 2:26 PM, Feb 03, 2017
and last updated 2017-02-03 15:26:50-05

The city of Lorena is hoping to attract more economic development by using bonds to develop an area near Interstate 35. 

City officials will use $2.3 million in bonds issued by the Tax Increment Reinvestment Zone (TIRZ) to develop an area near Interstate 35. 

According to the city, it established the 711.2 acre TIRZ in late 2014 for financing possible improvements on the property located east of I-35 at Old Temple Road. 

The first project will install a 12-inch sewer line from I-35 to the Waco Metropolitan Area Regional Sewerage System Plant. 

When the new sewer lines are installed, the city estimates that the development of new homes and businesses over the next 30 years will quickly increase tax revenue to the city. 

The project is anticipated to completed in 2018. 

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