From
Lee Harriss
Title
Public Hearing and Ordinance amending TIF #1 (IH-30 Entertainment District) Project and Financing Plan
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
On February 18, 2019, the Board of Directors of the Grand Prairie Tax Increment Financing District #1 (TIF 1) met, and the amended TIF 1 project and financing plan was approved by the board. City Council approval is also required to effect amendments to the plan.
Actual cash is not yet on hand for some of the amended projects at this time but should be available in the future as development occurs. Until cash is available, the City may use other sources to pay for the projects as they are implemented and will be reimbursed for any TIF eligible expenses at the time when cash is available.
The modifications to the TIF 1 plan consist of the addition of public improvements that benefit the zone.
Financial Consideration
As TIF revenue is received, it will be available to fund the projects specified on the amended plan or to reimburse the city for expenditures already made.
Body
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING AN AMENDED PROJECT AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF GRAND PRAIRIE, TEXAS, ESTABLISHED PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE
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. 6095 designating a contiguous geographic area within the City as a Reinvestment Zone Number One, City of Grand Prairie, Texas (the “Zone”); and
WHEREAS, on August 17, 1999, the City Council of the City of Grand Prairie, Texas, pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No. 6122 amending Reinvestment Zone Number One, City of Grand Prairie, Texas (the “Zone”); and
WHEREAS, the City Council of the City of Grand Prairie, Texas, pursuant to Chapter 311 of the Texas Tax Code, has, from time to time, approved Ordinances amending the Project Plan to alter the funding for specific project costs for Reinvestment Zone Number One, City of Grand Prairie, Texas (the “Zone”); and
WHEREAS, on October 16, 2018, the City Council of the City of Grand Prairie, Texas, pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No. 10556-2018 amending Reinvestment Zone Number One, City of Grand Prairie, Texas (the “Zone”) to expand the boundaries and extend the term; and
WHEREAS, the City Council of the City of Grand Prairie, Texas, pursuant to Chapter 311 of the Texas Tax Code, now desires to further amend the Project Plan to expand the boundaries and extend the term for Reinvestment Zone Number One, City of Grand Prairie, Texas (the “Zone”); and
WHEREAS, as authorized by Section 311.011(e), and 311.008, of the Act, on February 18, 2019, the Board amended the Plan, as depicted within the amended Project and Financing Plan (the "Plan") in Exhibit “A”, and recommended that the Plan, as amended, be approved by the City Council:
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, THAT:
SECTION 1. RECITALS INCORPORATED.
The facts and recitation contained in the preamble of this Ordinance are hereby found and declared to be true and correct.
SECTION 2. FINDINGS.
That the City Council hereby makes the following findings of fact:
i. That the Plan, as amended, includes all information required by Sections 311.011(b) and (c) of the Act.
ii. That the Plan, as amended, is feasible and the amended project plan conforms to the City’s master plan.
iii. That consistent with Section 311.011(e) of the Act, a public hearing is required prior to the adoption of this Ordinance because the Plan, as amended, does (i) reduce or increase the geographic area of the Zone; (ii) increase or decrease the tax increment to be contributed by a taxing unit; (iii) increase the total estimated project costs; or (iv) designate additional property in the Zone to be acquired by the City.
SECTION 3. APPROVAL OF AMENDED PLAN.
That based on the findings set forth in Section 2 of this Ordinance, the Plan, as amended in Exhibit “A” is hereby approved.
SECTION 4. DELIVERY OF AMENDED PLANS TO TAXING ENTITIES.
That the City of Grand Prairie, is hereby directed to provide a copy of the Plan, as amended, to the governing body of each taxing unit that taxes real property located in the zone.
SECTION 5. SEVERABILITY CLAUSE.
Should any section, subsection, sentence, clause or phrase of this Ordinance be declared unconstitutional or invalid by a court of competent jurisdiction, it is expressly provided that any and all remaining portions of this Ordinance shall remain in full force and effect. The City hereby declares that it would have passed this Ordinance, and each section, subsection, clause or phrase thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses and phrases be declared unconstitutional or invalid.
SECTION 6. OPEN MEETINGS.
It is hereby found, determined, and declared that sufficient written notice of the date, hour, place and subject of the meeting of the City Council at which this Ordinance was adopted was posted at a place convenient and readily accessible at all times to the general public at the City Hall of the City for the time required by law preceding its meeting, as required by Chapter 551 of the Texas Government Code, and that this meeting has been open to the public as required by law at all times during which this Ordinance and the subject matter hereof has been discussed, considered and formally acted upon. The City Council further ratified, approves and confirms such written notice and the contents and posting thereof.
SECTION 7. That this Ordinance shall take effect immediately from and after its passage and publication in accordance with the provisions of the charter of the City of Grand Prairie, Texas and it is accordingly so ordained.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 19TH DAY OF FEBRUARY, 2019.