From
Lee Harriss, Special District Administrator
Title
Resolution adopting amendments to the Bylaws of Reinvestment Zone Number Three, Peninsula Tax Increment Financing (TIF) District
Presenter
Lee Harriss, Special District Administrator
Recommend Action
Approve
Analysis
The TIF 3 Board of Directors reviewed and approved the updated bylaws at their meeting on November 18, 2020 and recommended adoption.
As of December 31, 2020, the TIF participation agreements with Cedar Hill Independent School District (CHISD), Dallas County, Dallas County Hospital District (DCHD), and Dallas County Community College (DCCC) will have expired, but TIF 3 continues to operate. Since these tax districts are no longer participating and will stop attending TIF board meetings, the bylaws have been updated to include only representatives appointed by the City of Grand Prairie. The proposed revision includes the following update:
Amend Bylaws of Reinvestment Zone Number Three, Peninsula Tax Increment Financing (TIF) District, to include representatives appointed by the City of Grand Prairie, the only participating tax district.
Financial Consideration
There is no financial impact for the City or the TIF.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, ADOPTING THE REVISED BYLAWS OF REINVESTMENT ZONE NUMBER THREE, PENINSULA TAX INCREMENT FINANCING DISTRICT
Whereas, the City of Grand Prairie has created Reinvestment Zone Number Three, Peninsula Tax Increment Financing District within the City of Grand Prairie; and
Whereas, it is necessary to adopt the City of Grand Prairie’s revised Reinvestment Zone Number Three, Peninsula Tax Increment Financing District Bylaws; and
Whereas, it would be appropriate to make revisions to the City of Grand Prairie’s Reinvestment Zone Number Three, Peninsula Tax Increment Financing District Bylaws;
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. That the City Council adopt the following revisions to the Reinvestment Zone Number Three, Peninsula Tax Increment Financing District Bylaws, as attached as Exhibit A:
§ Amend TIF 3 Bylaws to include only representatives appointed by the City of Grand Prairie.
Section 2. That this resolution shall be effective immediately upon its passage in accordance with the Charter of the City of Grand Prairie and that is accordingly so resolved.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 15TH DAY OF DECEMBER, 2020.