DEPARTMENT: Planning
DEPARTMENT HEAD: Bridgett White
COUNCIL DISTRICTS IMPACTED: Council Districts 1, 2 and 5
SUBJECT:
Amendment of the Inner City Tax Increment Reinvestment Zone (TIRZ) #11 Project Plan.
SUMMARY:
City Council is being asked to consider approval of the Inner City Tax Increment Reinvestment Zone (TIRZ) #11 Amended Project Plan.
BACKGROUND INFORMATION:
On May 24, 2001, the initial Inner City TIRZ project plan was approved by City Council. Since that time, the plan has been modified 14 times to meet the objectives of the Inner City TIRZ Board and the City of San Antonio.
On February 10, 2017, the Inner City TIRZ Board approved the most recent amendment to the Inner City TIRZ Project Plan.
Chapter 311 of the Texas Tax Code states that the board of directors of the zone at any time may adopt an amendment to the project plan consistent with the requirements and limitations of this chapter. Additionally, the project plan must include:
(1) a description and map showing existing uses and conditions of real property in the zone and proposed uses of that property;
(2) proposed changes of zoning ordinances, the master plan of the municipality, building codes, other municipal ordinances, and subdivision rules and regulations, if any, of the county, if applicable;
(3) a list of estimated non project costs; and
(4) a statement of a method of relocating persons to be displaced, if any, as a result of implementing the plan.
The amended project plan meets all of these requirements.
ISSUE:
The Inner City TIRZ #11 is City initiated and was designated on December 14, 2000. The term was extended through Ordinance 2013-12-05-0871. The current term is approximately 24.7 years and will terminate on September 30, 2025. Currently, the City of San Antonio is the only participating taxing entity.
Since the last approval of the existing Project Plan, numerous new projects have been introduced to the Inner City TIRZ.
Per Chapter 311 of the Texas Tax Code (the “TIF Act”), the governing body of the municipality that designated the zone must approve a project plan after its adoption by the board. The approval must be by Ordinance, in the case of a municipality that finds that the plan is feasible.
On February 10, 2017, the Inner City TIRZ Board approved the most recent amendment to the Inner City TIRZ Project Plan.
On March 9, 2017, City Council is being asked to approve the 15th amendment to the Project Plan. The amended Project Plan identifies all active and proposed projects inclusive to the Inner City TIRZ.
ALTERNATIVES:
If the City does not adopt the amended Inner City TIRZ Amended Project Plan, the City and the TIRZ Board will be required to operate under the purview of the existing, outdated Plan.
FISCAL IMPACT:
There is no fiscal impact due to the approval of the amended Inner City TIRZ Project Plan. Any and all projects, whether existing or proposed, must be approved by the Inner City TIRZ Board and City Council prior to any TIRZ funding being issued. Additionally, funds that are expended on behalf of approved projects within the Zone are paid exclusively by the TIRZ fund.
RECOMMENDATION:
Staff recommends approval of the Amendment of the Inner City Tax Increment Reinvestment Zone (TIRZ) #11 Project Plan.