Title
A. Conduct a public hearing under Chapter 311 of the Texas Tax Code to consider approving a Third Amended Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Twelve, City of Mesquite, Texas (IH-20 Business Park) (the "Zone") and increasing the total estimated project costs for the Zone.
B. Consider an ordinance approving a Third Amended Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Twelve, City of Mesquite, Texas (IH-20 Business Park) (the "Zone") and increasing the total estimated project costs for the Zone.
Body
On March 21, 2022, the IH-20 Business Park TIRZ Board of Directors met and adopted an Amended Project and Financing Plan (PFP) which included Phase I of Dalfen Industrial's Mesquite Airport Logistics Center and was approved by the City Council on March 21, 2022, as Ordinance No. 4944.
On May 15, 2023, the IH-20 Business Park TIRZ Board of Directors met and adopted a Second Amended PFP which includes agreements with Oncor and IH 20 LP, LLC.
On February 19, 2024, the IH-20 Business Park TIRZ Board of Directors met and adopted a Third Amended PFP which includes an increase to the Reimbursement Agreement between TIRZ No. 12, the City of Mesquite, MSAP 216, LLC and 42 BP, LP.
By statute, the TIRZ Board adopts or amends a TIRZ PFP and then recommends its approval to the City Council. A TIRZ PFP only becomes effective after such Council approval. Since the proposed amended PFP increases the total estimated project costs for the TIRZ, State law also requires the Council to hold a public hearing to allow any interested person to speak for or against any proposed amendment to the TIRZ PFP. Notice of this public hearing was sent to all property owners within the TIRZ and was published in the Daily Commercial Record newspaper on February 8, 2024, in accordance with State law.
Recommended/Desired Action
Staff recommends approval of the ordinance.
Attachment(s)
Ordinance
Drafter
Kim Buttram
H...
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