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Approval of an Agreement to Participate in Tax Increment Reinvestment Zone Number Four, Between the City of Lewisville and Denton County, and Authorization for the City Manager to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
The Agreement to Participate in Tax Increment Reinvestment Zone Number Four (“TIRZ #4”), between the City of Lewisville and Denton County (the “County”), establishes the terms and limitations in which the City and County will participate in the zone. The City currently allocates eighty percent (80%) of the increment captured by the district to the TIRZ #4 fund until December 31, 2040. Similarly, Denton County has agreed to contribute eighty percent (80%) of its increment captured in the district to TIRZ #4 for the same duration. The agreement outlines various provisions, including the duration of participation, the increment allocation by each taxing authority, limitations on bonds, the permissible uses of funds, the processes for deposit and collection of funds, boundary extension requirements, and board representation.
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.