From
Marty Wieder
Title
Resolution accepting TIF Board recommendation on Restaurant and Retail Development Financing
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 and recommended a pledge of funds in two Fiscal Years related to restaurant and retail development financing at EpicCentral - 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
Fiscal Year 2019, Restaurant and Retail Development Financing: $1,800,000
Fiscal Year 2020, Restaurant and Retail Development Financing: $2,750,000
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 $1,800,000.00 IN FISCAL YEAR 2019 AND $2,750,000 IN FISCAL YEAR 2020, RELATED TO RESTAURANT AND RETAIL DEVELOPMENT FINANCING
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 Ta...
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