STRATEGIC PRIORITY: Economic Development
AGENDA DATE: December 14, 2022
COUNCIL DISTRICT(S): 2, 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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An ordinance amending the Project Plan and Reinvestment Zone Financing Plan ("Plan") for Tax Increment Reinvestment Zone Number Five, the City Center Tax Increment Financing ("TIF") District (the "TIF District" or the "Zone") to: (1) acknowledge scheduled termination of the City Center Sub-district on December 31, 2022; (2) shift the estimated expenditures among budget categories and further define budget category allowances; and (3) make corresponding modifications to the Plan to reflect these amendments and findings - Financing: No cost consideration to the City
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BACKGROUND
In accordance with Chapter 311 of the Texas Tax Code ("TIF Act"), the TIF District Board of Directors ("TIF Board") of the zone at any time may adopt an amendment to the project plan and reinvestment zone financing plan consistent with the requirements and limitations of the TIF Act. An amendment takes effect on approval by the governing body of the municipality.
In 2012, the TIF Board and City Council approved amendments to the TIF District Plan to extend the City Center Sub-district of the City Center TIF District to December 31, 2022, create the Lamar Corridor/West End Sub-district, increase the City Center TIF District budget to $151,968,546, and provide four "set-aside" budget categories in addition to the development/redevelopment budget line item. Per the 2012 Plan amendment, a portion of each year's increment was to be set-aside for potential project expenditures in the following categories: (1) Affordable Housing, (2) Ground Floor Retail Activation, (3) Parking and (4) District-Wide Improvements. Since that time, funds have been accruing into each set-aside, and a portion of the funds have been spent/committed (and the par...
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