DEPARTMENT: Department of Planning and Community Development
DEPARTMENT HEAD: Bridgett White
COUNCIL DISTRICTS IMPACTED: 1, 2 & 5
SUBJECT:
Public Hearing and consideration of Ordinance A, Amending the boundary of the Inner City Tax Increment Reinvestment Zone (TIRZ) #11 and Ordinance B, Designating the new Hemisfair TIRZ #34.
SUMMARY:
After a Public Hearing, City Council is being asked to consider Ordinance A, Amending the Inner City TIRZ boundary and an Ordinance B, Designating the new Hemisfair TIRZ #34. The boundary amendment will reduce the size of the Inner City TIRZ by 113 parcels. The 113 parcels removed from the Inner City TIRZ and six additional parcels within the Hemisfair Park area will be used to form the new Hemisfair TIRZ.
These Ordinances will amend the boundary of the Inner City TIRZ and authorize amendments to the TIRZ Project and Finance Plans; designate and name the new Hemisfair TIRZ; create a five member Hemisfair TIRZ Board of Directors, establish effective start and termination dates for the Hemisfair TIRZ; approve the preliminary Hemisfair TIRZ Project and Finance Plans and create a Hemisfair Tax Increment Fund.
BACKGROUND INFORMATION:
In September 2009, City Council voted to establish the HemisFair Park Area Redevelopment Corporation ("HPARC"), a Local Government Corporation, to develop a plan and oversee the re-development of the Hemisfair site and adjacent areas. On February 9, 2012, City Council approved HPARC's Framework and Master Plan as the conceptual strategy for the redevelopment of the original Hemisfair site. The Master Plan envisions balanced land use within the Hemisfair site, with mixed-use development, a blend of open space, plazas, courtyards and civic, commercial and residential uses. As part of the Master Plan, HR&A Advisors, an industry-leading consulting firm, providing services in real estate and economic development, was tasked with preparing an area market scan and financial model. A key...
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