From
Marty Wieder
Title
Ordinance amending the FY 2016/2017 Capital Improvement Projects Budget and approval of a planning services contract with David Pettit Economic Development (DPED) in an amount not to exceed $55,000
Presenter
Marty Wieder, Economic Development Director
Recommended Action
Approve
Analysis
David Pettit Economic Development (DPED) has submitted a proposal to review the City of Grand Prairie’s two Tax Increment Reinvestment Zones (TIRZ) or Tax Increment Financing (TIF) Districts for possible extension and amendment. Section 311.007 of the Tax Code states that the governing body of the municipality that designated a reinvestment zone by ordinance may extend the term of all or a portion of the zone-after notice and hearing in the manner provided for designation of the original zone.
Such action may be beneficial to the City since development has not been maximized yet in either TIRZ. Additionally, per Section 311.011 of the Tax Code the Board of Directors of a zone may at any time adopt amendments to the project plan consistent with the requirements and limitations of the original TIRZ charter. DPED’s analysis will also quantify possible TIRZ Project Plan and Financing Plan Amendments for consideration by the City Council and TIRZ Boards.
Financial Consideration
Funding for the planning services contract with David Pettit Economic Development in the amount not to exceed $55,000 is available by approving an ordinance transferring and appropriating from the unobligated fund balance in the Street Capital Projects Fund (400192), WO #01613403 (Economic Development TIRZ #1 & #3). These expenses qualify as TIF administration and therefore may be reimbursed later by each TIRZ Board.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE FY 2016/2017 CAPITAL IMPROVEMENT PROJECTS BUDGET BY TRANSFERRING AND APPROPRIATING $55,000 FROM THE UNOBLIGATED FUND BALANCE IN THE STREET CAPITAL PROJECTS FUND (400192), ...
Click here for full text