DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: 1, 2, 5
SUBJECT:
An Ordinance authorizing a boundary amendment and term extension for Tax Increment Reinvestment Zone Number Eleven known as the Inner City TIRZ and requisite amendments to the Project and Finance Plans.
SUMMARY:
City Council is being asked to authorize an amendment to the boundary of the Inner City TIRZ and to extend the term of the TIRZ an additional 10 years to September 30, 2025. These changes will need to be reflected in the amended Project and Finance Plans for the TIRZ.
BACKGROUND INFORMATION:
Chapter 311 of the Texas Tax Code (the TIF Act) authorizes the governing body of a municipality or a county to promote reinvestment and redevelopment in a defined geographic area by designating it a Tax Increment Reinvestment Zone (TIRZ). TIRZ # 11, the Inner City TIRZ, was designated by City Council in December 2000 to support redevelopment and public infrastructure improvements within the TIRZ boundary which is primarily located on the City's near Eastside.
On October 25, 2013 the Inner City TIRZ Board of Directors authorized amendments to the TIRZ boundary adding 727 parcels totaling 539.66 acres (see attached map) and extending the term of the TIRZ an additional 10 years to September 30, 2025. The City's current participation rate of 100% will not change. The proposed boundary changes and term extension are based upon recommendations from a subcommittee that was established by the Inner City TIRZ Board in August of 2013.
The Boundary Subcommittee met on September 24, 2013 and October 18, 2013 and directed staff to draft proposed changes to the boundary and term with the intention of continuing the success of the Inner City TIRZ which has funded over $12 million public improvements within the TIRZ since designation in 2000 and to continue promoting development and redevelopment that would not...
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