LAREDO, TEXAS (KGNS) - A new concept is in the works to put money into downtown public works.
The Texas Legislature gave approval to form a special district in downtown Laredo. It's called the Central Laredo Municipal Management District.
The new district would create an extra tax for businesses there. The taxes would be managed by a board of local business owners.
The board would be in charge of allocating some $620 thousand a year back into the district.
Bill Calderon, a consultant with Hawes Hill Calderon in Houston said it's a tool to generate business.
"Typically you see districts fund what I would call beautification projects. They fund mobility and transportation projects. They fund safety and security projects," said Calderon.
The tax would raise an extra 15 cents for every 100 dollars of property value.
A public meeting on the finalization of the district will be held in December.