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Consideration of an Ordinance Approving the Final Project and Reinvestment Zone Financing Plan for Reinvestment Zone Number Three, City of Lewisville, Texas; Authorizing the City Secretary to Distribute Such Plans.
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ADMINISTRATIVE COMMENTS:
A tax increment reinvestment zone (TIRZ) is a financing tool enabled by the Texas Legislature under Chapter 311 of the Texas Tax Code to assist cities in developing or redeveloping certain areas. At its December 3, 2018 meeting, City Council approved a Preliminary Project and Reinvestment Zone Financing Plan that is required before the creation of TIRZ and held a public hearing to receive comments on the plan and creation of the Zone. TIRZ Number Three was approved by City Council December 3, 2018. A Final Project Plan and Reinvestment Zone Financing Plan is required to be reviewed and approved by the TIRZ Board, which occurred earlier this evening. The Final Plan must now be approved by the City Council.
RECOMMENDATION:
That the City Council approve the ordinance as set forth in the caption above.