From
Marty Wieder
Title
Resolution accepting TIF Board Recommendation - Hotel Conference Center Tax Note
Presenter
Marty Wieder
Recommended Action
Approve
Analysis
The Boards of Directors of City of Grand Prairie Tax Increment Reinvestment Zones (TIRZ) #1 and #3 met back on June 12, 2019, recommended a decrease in Economic Development Grants of $2,500 and recommended instead an allocation of $2,500 for a Hotel Conference Center Tax Note - as an amendment to the Project and Financing Plan of TIRZ #1. Staff has prepared a resolution for the City Council to consider accepting this recommendation and confirming such a pledge of funds.
Financial Consideration
Hotel Conference Center Tax Note: $2,500
Body
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, AUTHORIZING THE PLEDGE OF FUNDS IN AN AMOUNT NOT TO EXCEED $2,500.00, RELATED TO A HOTEL CONFERENCE CENTER TAX NOTE
WHEREAS, the City of Grand Prairie, Texas (the “City”), pursuant to Chapter 311 of the Texas Tax Code, as amended (the “Act”), may designate a geographic area within the City as a tax increment reinvestment zone if the area satisfies the requirements of the Act; and
WHEREAS, the Act provides that the governing body of a municipality by ordinance may designate a noncontiguous geographic area that is in the corporate limits of the municipality to be a reinvestment zone if the governing body determines that development or redevelopment would not occur solely through private investment in the reasonably foreseeable future; and
WHEREAS, the City Council desires to promote the development of a certain noncontiguous geographic area in the City (the "Zone"), through the expansion of a reinvestment zone as authorized by and in accordance with the Tax Increment Financing Act, codified at Chapter 311 of the Texas Tax Code; and
WHEREAS, on July 13, 1999, the City Council of the City of Grand Prairie, Texas, pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No...
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