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Consideration of an Agreement to Provide Revenues for Refunded Debt Within the Castle Hills Development, Districts 1-G and 1-H, Between the City of Lewisville and Tax Increment Reinvestment Zone, Number Three.
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ADMINISTRATIVE COMMENTS:
This agreement between the City and Tax Increment Reinvestment Zone Number Three, establishes the intention of the City to refund previously issued bonds used to fund public improvement construction on lands within the boundaries of the Zone and a portion of the Zone’s revenues will be transferred to the City and used to pay debt service on said refunding upon annexation of the Zone into the City.
RECOMMENDATION:
That the City Council approve the agreement as set forth in the caption above.