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Consider adopting Ordinance No. 3431, approving the Tax Increment Reinvestment Zone No. 3 Project and Finance Plan; and take appropriate action.
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BACKGROUND:
At the request of Centurion American Development Group (CADG), a Tax Increment Financing Reinvestment Zone (TIRZ) was created on November 1, 2016 in order to establish a financing mechanism necessary to provide for public infrastructure improvements within the zone. The approximately 398 acres of primarily undeveloped property is located in the southwestern portion of the City and owned by four different entities with CADG owning 86%. The proposed TIRZ #3 development is a large scale mixed-use development featuring office, retail, and residential uses. The development will feature both single-family and multi-family residential, hotel space and commercial developments. At build-out in 2020, the total incremental property value is projected at $781 million which equates to $4.7 million in annual property tax revenue.
The attached Project and Finance Plan provides:
* Outline of the $57.8 million in public improvements proposed
* TIRZ Boundaries & Ownership
* Proposed & Anticipated Development
* Project Costs
* Financial Feasibility Analysis
The Tax Increment and Reinvestment Zone No. 3 Board met earlier this evening to consider Resolution No. 2017-01 TIF3, approving and recommending Council approval of a Project and Finance Plan. In accordance with State law, this plan must be approved by both the TIRZ board and the City Council.
DISCUSSION:
The City Council adopted Ordinance No. 3400 on November 1, 2016, designating the Tax Increment Financing Reinvestment Zone Number Three to promote the development or redevelopment of a certain geographic area within its jurisdiction by the designation of a reinvestment zone, as authorized by Chapter 311, of the Texas Tax Code. Tonight City Council is adopting Ordinance No. 3431 approving the Tax Increment Reinvestment Zone No. 3 Project and Finance Plan...
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