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Approval of the Second Amendment to the Agreement to Participate in Tax Increment Reinvestment Zone Number One, Between the City of Lewisville and Denton County, and Authorization for the City Manager to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
In December of 2001, the City of Lewisville and Denton County (the “County”) entered into an Agreement to Participate in Tax Increment Reinvestment Zone Number One (“TIRZ #1”) to establish the terms and limitations in which the City and County would participate in the zone (the “Agreement”). The Agreement was amended in May of 2007 to extend the duration of the zone and increase the bond limit. In 2020, the TIRZ #1 board of directors ("Board") and the City Council approved a boundary enlargement to include an additional 166 acres, increasing both the City and County participation in TIRZ #1. Additionally, the Board and City Council approved a term extension from December 31, 2028, to December 31, 2038; however, this extension applied solely to the City. The City currently allocates one hundred percent (100%) of the increment captured by the district to the TIRZ #1 until December 31, 2038. The County is currently participating at 75% through 2028. This amendment will allow for Denton County's continued participation in TIRZ #1 at the same rate through the extended term, December 31, 2038.
RECOMMENDATION:
That the City Council approve the agreement and authorize the City Manager, or her designee, to execute the agreement as set forth in the caption above.