From
Lee Harriss
Title
Resolution appointing James Cain, Chair of the Grand Prairie Chamber of Commerce, to the Boards of Directors for three Tax Increment Financing (TIF) Zones
Presenter
Lee Harriss, Special District Administrator
Recommend Action
Approve
Analysis
The “TIF Act” (Chapter 311 of the Tax Code) creates a Board of Directors to govern TIF Zones created by municipalities. Taxing entities (other than the City) contributing all or a portion of their tax increment are each allocated one seat on the Board of Directors. The City is given the power to appoint Directors representing the City in order to preserve a majority on the Board and the Chairpersons of the Boards of Directors. The Grand Prairie Chamber of Commerce recommends that their new Chair, James Cain, replace their former Chair, Milt Highfill, as their city representative for the TIF Board membership.
The attached Resolution appoints James Cain to represent the City on the Board of Directors for each of the City’s three (3) TIF zones. Mr. Cain will serve the remainder of a two-year term (Jan. 1, 2012-December 31, 2013). The City of Grand Prairie holds a majority of the seats on each Board (TIF 1: 5 of 9; TIF 2: 9 of 17; TIF 3: 9 of 16).
Financial Consideration
There is no financial impact associated with approval of the attached resolution.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPOINTING JAMES CAIN, GRAND PRAIRIE CHAMBER OF COMMERCE, TO REPRESENT THE CITY ON THE BOARDS OF DIRECTORS FOR THREE TAX INCREMENT FINANCING ZONES.
WHEREAS, the City of Grand Prairie has designated three areas as Tax Increment Financing (TIF) Reinvestment Zones within the City of Grand Prairie; and
WHEREAS, these Tax Increment Financing Zones are governed by a Board of Directors comprised of appointees from the various taxing entities who contribute tax increments to the TIF zones; and
WHEREAS, the City is appointing a new board member; and
WHEREAS, it is necessary for the C...
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