STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: December 9, 2020
COUNCIL DISTRICT(S): 8, 12
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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An ordinance authorizing (1) the Project Plan and Reinvestment Zone Financing Plan (the "Plan") for Tax Increment Financing Reinvestment Zone Number Twenty-One ("University TIF District"); and (2) a participation agreement with Dallas County for Tax Increment Financing Reinvestment Zone Number Twenty One - Financing: No cost consideration to the City
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BACKGROUND
On December 13, 2017, pursuant to the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code (the "TIF Act"), City Council designated the University TIF District (the "District" or "Zone") and established a Board of Directors (the "TIF Board") by Ordinance No. 30733.
The District was created to encourage the sustainable development of vacant and underutilized properties near three major North Texas universities while taking advantage of each area's strategic regional location at the crossroads of key transportation corridors.
As allowed by the TIF Act, the District comprises two non-contiguous sub-districts: (1) the University Center Sub-District in northern Dallas and (2) the University Hills Sub-District in southern Dallas.
One of the primary features of this non-contiguous District linking northern and southern Dallas is the sharing of tax increment that is intended to provide funding necessary for the provision of public infrastructure in the underserved University Hills area that would not otherwise occur.
With the assistance of the University TIF District, higher quality development along with public open space and transit connections will be greater than without the District. Further, by overseeing development in the University Hills area, the City can best protect City resources and ensure that public funding is...
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