File #: 21-1776    Version: 1 Name:
Type: Ordinance Status: Public Hearing
File created: 7/8/2021 In control: City Council
On agenda: 8/16/2021 Final action:
Title: Continued Public Hearing: Consideration of an Ordinance Pursuant to Section 311.003 of the Texas Tax Code Amending Tax Increment Reinvestment Zone Number Three ("TIRZ 3"), Located South of SH 121 and Business 121 and Being Wholly Located Within the Extraterritorial Jurisdiction of Lewisville, Texas, by Amending its Boundaries and its Benefits to the City of Lewisville and Amending the Project and Finance Plan for the Zone.
Attachments: 1. Staff Memo, 2. Ordinance - 081621, 3. ONCE AVAILABLE BACKUP DOCUMENTS FOR THIS ITEM WILL BE AVAILABLE WHERE ATTACHMENTS CAN BE FOUND FOR THE (1), 4. Appendix I - County Participation Agreement

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Continued Public Hearing: Consideration of an Ordinance Pursuant to Section 311.003 of the Texas Tax Code Amending Tax Increment Reinvestment Zone Number Three (“TIRZ 3”), Located South of SH 121 and Business 121 and Being Wholly Located Within the Extraterritorial Jurisdiction of Lewisville, Texas, by Amending its Boundaries and its Benefits to the City of Lewisville and Amending the Project and Finance Plan for the Zone.

 

request

ADMINISTRATIVE COMMENTS:

 

REVISED:  The ordinance originally amended the boundaries of the TIRZ as well as the Project and Finance Plan.  As recommended by staff and approved by the TIRZ Board, the boundaries of the TIRZ are no longer being changed.  Thus, the proposed revised ordinance amends the Project and Finance Plan to update project costs and zone reimbursements to include economic development authority and set the cap for City reimbursement for economic development and project reimbursement at $54 million.

 

RECOMMENDATION:

 

That the City Council conduct the public hearing and approve the proposed revised ordinance.