DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: District 10
SUBJECT:
Northeast Corridor Tax Increment Reinvestment Zone in City Council District 10
SUMMARY:
This is a Resolution of Intent by City Council authorizing Tax Increment Finance (TIF) staff to conduct a feasibility analysis and develop preliminary documents for a Northeast Corridor Tax Increment Reinvestment Zone (TIRZ) in City Council District 10. The creation of the TIRZ was proposed by former City Councilman Carlton Soules through a Council Consideration Request (CCR) on January 15, 2014 and subsequently supported by his successor Mike Gallagher, current District 10 City Councilman.
Approval of the resolution initiates the process for consideration of designation of a Tax Increment Reinvestment Zone. This action does not, in any way, obligate the City to designate the proposed TIRZ, nor does it financially obligate the City or other taxing entities. The resolution would allow staff to identify potential TIRZ partners, engage other city departments to continue the analysis of the proposed TIRZ and to develop TIRZ documents as required by state statute.
BACKGROUND INFORMATION:
As articulated in the CCR, the District 10 Council Office is focused on the revitalization of the Northeast Corridor (NEC), which encompasses Perrin Beitel and Nacogdoches from Loop 410 to O'Conner Road. To date revitalization efforts have included the hiring of a North East Corridor Revitalization Manager, inclusion of the NEC area in the Inner City Reinvestment Infill Policy (ICRIP), the creation of the NEC Steering Committee and most recently, in October of 2013, the completion of a market study and business inventory conducted by Wendell Davis and Associates.
One of the major recommendations of the market study was the creation of a Tax Increment Reinvestment Zone to "help finance the cost of redevelopment and encourage de...
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