From
Terrence Ra'mond Harbin
Title
Ordinance Extending Boundary and Term of Tax Increment Reinvestment Zone (TIRZ) #3
Presenter
Marty Wieder, Director of Economic Development
Recommended Action
Approve
Analysis
City Council established Tax Increment Reinvestment Zone (TIRZ) #3 on July 13, 1999 to facilitate economic development through infrastructure improvements within a designated geographic area in south Grand Prairie.
Since State laws governing Tax Increment Reinvestment Zones and Tax Increment Financing (TIF) have been amended a number of times since TIRZ #3 was created, staff recommended engaging David Pettit Economic Development (DPED) to examine how this TIRZ might be extended and even expanded to include other portions of Grand Prairie.
DPED has worked with the City’s Economic Development Department staff over several weeks and before delivering an ordinance to amend the one which created TIRZ #3. Staff and DPED officials briefed the TIF Board on these proposed amendments on Wednesday, December 11, 2019.
Following City Council consideration and action on this proposed, amending Ordinance, DPED representatives will continue communications with the other local governments participating in TIRZ #3 concerning the amendments. The City will convene TIRZ #3 Board members will convene in early 2020 to consider the Project Plan amendments-and then return to Council for consideration of the Project Plan amendments.
Financial Consideration
Preliminary Projected Net Benefit to City-$77,021,611
Body
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING ORDINANCE NO. 6126, CONCERNING TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF GRAND PRAIRIE, TEXAS, ESTABLISHED PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE, BY EXPANDING THE BOUNDARIES AND EXTENDING THE TERM OF TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER THREE, CITY OF GRAND PRAIRIE, TEXAS
WHEREAS, the City of Grand Prairie, Texas (the "City"), pursua...
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