DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: Bridgett White, Director
COUNCIL DISTRICTS IMPACTED: 3
SUBJECT:
Consideration of an Ordinance approving the Mission Drive-In Tax Increment Reinvestment Zone (TIRZ) 32 Project and Finance Plans.
SUMMARY:
City Council is being asked to consider an Ordinance approving the Mission Drive-In Tax Increment Reinvestment Zone (TIRZ) 32 Project and Finance Plans.
BACKGROUND INFORMATION:
The City Council through Ordinance No. 2008-12-11-1174, designated the Mission Drive-In TIRZ, a City-initiated tax increment reinvestment zone, to assist with the revitalization and reinvestment initiatives. In order to achieve the goals of City programs and City-adopted plans, that encourage long-term, and high quality investment.
The life of the Tax Increment Reinvestment Zone is 18.80 years. The termination date is September 30, 2027.
The City and the Mission Drive-In TIRZ Board of Directors ("Board") recognize the importance of their continued role in economic development, community development, planning and urban design in accordance with the Tax Increment Financing (TIF) Act, Texas Tax Code, Chapter 311, of the Texas Tax Code ('the Act").
City staff prepared a Project Plan and a Finance Plan for the Mission Drive-In TIRZ, in accordance with the Act. On March 8, 2017 the Board of Directors approved Resolutions T32 2017-03-08-01R and T32 2017-03-08-02R approving the attached Project and Finance Plans respectively for the Mission Drive-In TIRZ, as presented to the Board in substantial form, and subject to approval by City Council Ordinance. The Board of Directors is comprised of Lance Elliot, Gabriel Farias, Arthur Garcia, Carmen Lara, Bernadette Pena, and Debra Perales.
ISSUE:
The City of San Antonio is the only Participating Taxing Entity contributing tax increment to the Mission Drive-In TIRZ 32 with a maximum participation rate of 90%. The TIRZ was designated in December of 2008.
The TIRZ Board met...
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