STRATEGIC PRIORITY: Economic Development
AGENDA DATE: March 8, 2023
COUNCIL DISTRICT(S): 9, 10, 13, 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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A public hearing to receive comments on the proposed amendments to the Project Plan and Reinvestment Zone Financing Plan ("Plan") for Tax Increment Reinvestment Zone Number Fourteen, the Skillman Corridor Tax Increment Financing ("TIF") District (the "TIF District") to: (1) increase the geographic area of the TIF District by approximately 34 acres along Audelia Road from LBJ Freeway (IH-635) to Forest Lane; (2) specify that expenditures within the budget category titled "Other Skillman Corridor Improvement" may include redevelopment of publicly owned facilities; and (3) make corresponding modifications to the TIF District's boundary and Plan; and, at the close of the public hearing, consider an ordinance amending Ordinance No. 26534, previously approved on December 13, 2006, as amended, to reflect these amendments - Financing: No cost consideration to the City
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BACKGROUND
The Skillman Corridor TIF District was established by Ordinance No. 26148 on October 26, 2005 to assist in creating a more sustainable mix of rental and for-sale residential property along the corridor and as an outgrowth of the City of Dallas' effort to provide a model for redeveloping urban corridors to take full advantage of the expanding DART light rail system.
In 2006, the TIF District boundary was expanded to include Richardson Independent School District campuses in an effort to mitigate concerns about changing RISD enrollment levels and to support RISD facilities while gaining RISD's financial participation in the TIF District. At the same City Council meeting, the TIF District Plan was approved.
This TIF District Plan amendment is proposed to expand the goals and objectives of the TIF District to encourage development and...
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