STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: November 10, 2021
COUNCIL DISTRICT(S): 8, 11
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize a public hearing to be held on December 8, 2021 to receive comments on the proposed amendment to the Project Plan and Reinvestment Zone Financing Plan (the "Plan") for Tax Increment Reinvestment Zone Number Twenty, the Mall Area Redevelopment Tax Increment Financing TIF District (the "TIF District") to: (1) increase the geographic area of the Westmoreland-IH 20 Sub-District within the TIF District to add approximately 15.6 acres of contiguous property; and (2) make corresponding modifications to the boundary of the Westmoreland-IH 20 Sub-District within the TIF District and to the Plan; and, at the close of the public hearing, consideration of an ordinance to amending Ordinance No. 29340, previously approved on May 14, 2014, and Ordinance No. 29771, previously approved on June 17, 2015, to reflect this amendment - Financing: No cost consideration to the City
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BACKGROUND
Pursuant to Texas Tax Code, Chapter 311, as amended, the Tax Increment Financing Act (the "Act"), a public hearing is required if the boundary of an existing TIF district is increased or decreased, the amount of bond indebtedness is increased or decreased, the percentage of a tax increment to be contributed by a taxing unit is proposed to increase or decrease, the total estimated project costs increases, or additional property within the TIF District is designated to be acquired by the City.
As depicted on the attached map (Exhibit A), 15.6 acres of contiguous property is proposed to be added to the Westmoreland-IH 20 Sub-District of the TIF District. The 15.6 acres of property was not included in the initial boundary, which was established in 2014-15, of the Westmoreland-IH 20 Sub-District of the TIF District...
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