Title
Consider approving an Amendment of the Farmers Branch Tax Increment Reinvestment Zone Participation Agreement by and between the City of Farmers Branch and the Carrolton Farmers Branch Independent School District; and take appropriate action.
Body
BACKGROUND:
In August of 1999, the city entered into a Tax Increment Reinvestment Zone Participation Reinvestment Zone No. 1 agreement. After mutual consideration, both parties request a first amendment by amending the definition "Zone School Project", "Zone School Project Costs", and Zone School Project Site".
DISCUSSION:
The proposed first amendment to TIF Zone No. 1 Participation Agreement is to amend and include the following new definitions:
(1) Zone School Project - means (i) demolition of the building located at 2807 Amber Lane, Farmers Branch, Texas (the former Montgomery Elementary School) and the replacement with multipurpose green space (estimated cost $1,500,000.00); (ii) improvements to exterior, entryway and interior improvements at McLaughlin Strickland Schools (estimated cost $400,000.00); (iii) the demolition of building located at 2580 Valley View Lane, Farmers Branch, Texas 75237 (the former Science Center) and replacement with multipurpose green space (estimated cost $750,000.00); (iv) the relocation or removal of electronic equipment located at the District's Technology Learning Center to a new location to be determined by the District; (v) payments on bonds (principal and interest) issued by District to fund the costs related to the foregoing educational facilities and other Zone School Projects and Zone School Sites (estimated cost $9,078,202.00); and (vi) the administrating, operating, and maintenance expenses associated or related to any of the Zone School Projects and Zone School Sites, located within the Zone or outside the Zone but within the municipal boundaries of both the City of Farmers Branch, Texas, and the Carrollton-Farmers Branch Independent School District, including Fi...
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