From
Damaris Juarez
Title
Ordinance amending the FY 2018/2019 Capital Improvement Projects Budget; Planning Services Contract with David Pettit Economic Development for Tax Increment Reinvestment Zone Planning Services in the amount of $47,500
Presenter
Marty Wieder, Director of Economic Development
Recommended Action
Approve
Analysis
David Pettit Economic Development (DPED) has consulted with the City over the past two years - and assisted the City of Grand Prairie in quantifying the value of extending and expanding Tax Increment Reinvestment Zone (TIRZ) #1. As well, David and Natalie Moore have helped guide the TIF Board and Council through necessary actions to amend the TIRZ #1 Project Plan & Financing Plan.
The City of Grand Prairie now needs additional planning services-including participating entities negotiation and consulting associated with TIRZ #1 implementation. The City also needs DPED to collect data and analyze TIRZ #3, conduct a taxable value analysis and develop associated cash flow models so the TIF Board and Council may weigh extension and expansion of that Zone.
DPED proposes to conduct these services on an hourly fee basis-with a not-to-exceed amount of $47,500. All expenses may eventually be reimbursed by TIRZ #1 AND #3 as appropriate administrative costs.
Financial Consideration
Funding for a Contract with David Pettit Economic Development for Tax Increment Reinvestment Zone Planning Services, in the amount of $47,500, is available by approving an ordinance transferring and appropriating $47,500 from the unobligated fund balance in the Streets Capital Projects Fund (400192) to WO #01916303 (Economic Development TIRZ #1 & #3 Phase II).
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE FY 2018/2019 CAPITAL IMPROVEMENT PROJECTS BUDGET BY APPROPRIATING AND TRANSFERRING $47,500 FROM THE UNOBLIGATED FUND BALANCE IN THE STREETS CAPITAL PROJECTS FUND (400192) TO WO #01916303 (ECONOMIC DEVELOPMENT TIRZ #1 & ...
Click here for full text