From
Andrew Fortune, Assistant to the City Manager
Title
Public Hearing and an Ordinance amendment to Ordinance No. 6095, extending the Tax Increment Reinvestment Zone #1 boundary and term
Presenter
Marty Wieder, Economic Development Director
Recommended Action
Approve
Analysis
City Council established Tax Increment Reinvestment Zone (TIRZ) #1 on July 12, 1999 to facilitate economic development through infrastructure improvements within a designated geographic area in north Grand Prairie.
Since State laws governing Tax Increment Reinvestment Zones and Tax Increment Financing (TIF) have been amended a number of times since TIRZ #1 was created, staff recommended engaging David Pettit Economic Development (DPED) to examine how this TIRZ might be extended and even expanded to include other portions of Grand Prairie.
DPED has worked with the City’s Economic Development Department staff over several weeks and before delivering an ordinance to amend the one which created TIRZ #1. Staff and DPED officials briefed the TIF Board on these proposed amendments on Friday, October 12, 2018.
Following City Council consideration and action on this proposed, amending Ordinance, DPED representatives will continue communications with the other local governments participating in TIRZ #1 concerning the amendments. The City will convene TIRZ #1 Board members will convene on November 6, 2018 to consider the Project Plan amendments-and then return to Council for consideration of the amendments on November 20, 2018.
Financial Consideration
To be amended upon receipt of items from DPED
Body
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING ORDINANCE NO. 6095, CONCERNING TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF GRAND PRAIRIE, TEXAS, ESTABLISHED PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE, BY EXPANDING THE BOUNDARIES AND EXTENDING THE TERM OF TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE, CITY OF GRAND PRAIRIE, TEX...
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