DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: Bridgett White, Director
COUNCIL DISTRICTS IMPACTED: 3
SUBJECT:
Public Hearing and Consideration of an Ordinance Authorizing an Annual Increase in Administrative Fee for Mission Drive-In Tax Increment Reinvestment Zone (TIRZ) #32.
SUMMARY:
City Council is being asked to consider an Ordinance authorizing an increase in the annual administrative fee for the Mission Drive-In TIRZ. The current administrative fee for the TIRZ is $50,000.00. The proposed increase in the annual administrative fee is $75,000.00 beginning January 2017, and $120,000.00 beginning January 2018, until the expiration of the TIRZ term.
BACKGROUND INFORMATION:
The City's TIF Unit is tasked with the management of the City's TIF Program, including all City-initiated and Petition-initiated TIRZs.
City Council through Ordinance No. 2008-12-11-1174, designated the Mission Drive-In TIRZ, a City-initiated TIRZ, to assist in the revitalization and reinvestment initiatives necessary to achieve the goals of City programs and City-adopted plans, by using a comprehensive reinvestment plan to coordinate development initiatives and standards that encourage long-term, high quality investment.
On May 14, 2015, City Council approved Ordinance No. 2015-05-14-0419, amending the 2008 Tax Increment Financing Program Policy, which included adjustments to the administrative fees collected by the City for all newly created TIRZs and allowed for the renegotiation of TIRZs administrative fees for existing TIRZs.
The current annual administrative fee is $50,000.00. On December 15, 2016, the TIRZ Board of Directors passed Resolution T32 2016-12-15-01R, approving the increase in annual administrative fee to $75,000.00 beginning January 2017, and $120,000.00 beginning January 2018, until the expiration of the TIRZ term
ISSUE:
Recent City policy mandated that the City's TIF Unit be funded solely through TIRZ revenue, as a special revenue...
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