From
Marty Wieder
Title
Ordinance adopting TIF Board Recommendation related to TIRZ #3 Amended Project Plan & Financing Plan
Presenter
Marty Wieder, Director of Economic Development
Recommended Action
Approve
Analysis
The Board of Directors of City of Grand Prairie's Tax Increment Reinvestment Zone (TIRZ) #3 met on November 18, 2020 and recommended adoption of a final Amended Project Plan and Financing Plan. Consultants with David Pettit Economic Development prepared an ordinance for the City Council to consider accepting this Amended Project Plan and Financing Plan confirming a pledge of present and future TIF funds.
In particular, the Amended Project Plan and Financing Plan projects $86,518,568 in TIF revenues available for project costs between now and 2041 in the following categories:
Ø Water Facilities and Improvements
Ø Sanitary Sewer Facilities and Improvements
Ø Storm Water Facilities and Improvements
Ø Transit/Parking ImprovementsTH8029
Ø Street and Intersection Improvements
Ø Open Space, Public Facilities and Improvements
Ø Economic Development Grants
Ø Administrative Costs
Financial Consideration
Tax Increment Reinvestment Zone #3 Amended Project Plan and Financing Plan - $86,518,568
Body
AN ORDINANCE 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"), 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 ar...
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