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 futu...
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