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Public Hearing: Consideration of a Boundary Amendment and Increase in Project Costs for Reinvestment Zone Number Four, City of Lewisville, Texas, and Consideration of an Ordinance of the Lewisville City Council Approving a Final Tax Increment Reinvestment Zone Project and Finance Plan for Reinvestment Zone Number Four, City of Lewisville, Texas, Including an Amendment to the Project Costs of Reinvestment Zone Number Four, City of Lewisville, Texas and Adding Certain Property to the Boundaries of Reinvestment Zone Number Four, City of Lewisville, Texas; Making Certain Findings; Providing a Severability Clause; and Providing for an Effective Date.
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ADMINISTRATIVE COMMENTS:
In accordance with the Texas Tax Increment Financing Act (Chapter 311, Texas Tax Code), a public hearing is required before the City Council may adopt an ordinance approving certain amendments to a tax increment reinvestment zone. The proposed ordinance seeks to (1) amend the authorized project costs in the Tax Increment Reinvestment Zone Project and Financing Plan for Reinvestment Zone Number Four, City of Lewisville, Texas (the "Zone"); and (2) expand the Zone boundaries to include additional property within the Lake Park area. Notice of this public hearing was published in the Denton Record-Chronicle, a newspaper of general circulation within the City, at least seven (7) days prior to the hearing, as required by statute. During this hearing, interested persons are given the opportunity to speak for or against the proposed amendment to the project costs, the expansion of the Zone boundaries, and/or the concept of tax increment financing. In addition, any owner of property within the Zone was provided a reasonable opportunity to speak for or against the inclusion of their property within the proposed amended boundaries of the Zone, in accordance with the Act. At the close of the public hearing, the City Council will consider approval of the Final Tax Increment Reinvestment Zone ...
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