STRATEGIC PRIORITY: Economic Development
AGENDA DATE: May 24, 2023
COUNCIL DISTRICT(S): 1, 4
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT
title
Authorize a public hearing to be held on June 14, 2023 to receive comments on the proposed amendment to the Project Plan and Reinvestment Zone Financing Plan ("Plan") for Tax Increment Reinvestment Zone Number Three, the Oak Cliff Gateway Tax Increment Financing ("TIF") District (the "TIF District") to: (1) increase the geographic area of the Bishop/Jefferson Sub-District by approximately 7 acres to include properties at 1200 and 1400 East Jefferson Boulevard; (2) increase the geographic area of the Clarendon/Beckley/Kiest Sub-District by approximately 11 acres to include: (a) approximately 4 acres generally on the northeast and southeast corners of Grant Street and Ridge Street, west of the terminus of Grant Street and north of the terminus of Ridge Street, and (b) approximately 7 acres generally in the 900 and 1000 blocks of Morrell Avenue at Fernwood Avenue and the 1200 and 1300 blocks of Morrell Avenue at Denley Drive; and (3) make corresponding modifications to the TIF District's boundary and Plan; and, at the close of the public hearing on June 14, 2023, consider an ordinance amending Ordinance No. 21466, as amended, previously approved on November 11, 1992, and Ordinance No. 23033, as amended, previously approved on February 12, 1997, to reflect this amendment - Financing: No cost consideration to the City
body
BACKGROUND
Pursuant to the Tax Increment Financing Act, as amended, Texas Tax Code, Chapter 311 (the "Act"), a public hearing is required if an amendment proposes to reduce or increase the geographic area of the TIF district, increase the amount of bonded indebtedness to be incurred, increase or decrease the percentage of a tax increment to be contributed by a taxing unit, increase the total estimated ...
Click here for full text