STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: June 23, 2021
COUNCIL DISTRICT(S): 2, 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize an ordinance amending the Project Plan and Reinvestment Zone Financing Plan ("Plans") for the City Center Tax Increment Financing ("TIF") District (the "Zone") to approve: (1) the TIF Board's finding that Klyde Warren Park is an area of public assembly and that TIF funds from the District-Wide Improvement budget category may be used for the Phase 2 expansion of Klyde Warren Park ("KWP2") because it is a project benefitting the Zone and because such expansion is necessary or convenient to the creation of the Zone or to the implementation of the Plans; and (2) corresponding modifications to the Plans to reflect these amendments and findings - Financing: No cost consideration to the City
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BACKGROUND
In the City Center TIF District Plan, District-Wide Improvement budget category funds may currently be used to support improvements that are not specific to a single development site or project such as gateways, trails, open space, pedestrian connectivity linking the Zone to other downtown destinations, or utility/streetscape improvements benefiting the Zone. The City Center TIF District Plan states that "pedestrian connectivity improvements enhancing the connection between the Lamar Corridor/West End Sub-district and Victory Park area shall be first in priority for expenditure of funds in this category."
As proposed, the Phase 2 expansion of Klyde Warren Park includes an approximately 1.5 acre extension of Klyde Warren Park over Woodall Rodgers Freeway generally between Saint Paul Street and west of Akard Street adjacent to the City Center TIF District. As necessary and convenient to implement the Project Plan and Reinvestment Zone Financing Plans ("Plans") and achieve their purposes, ...
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