Title
An ordinance approving an amended Project and Financing Plan for Towne Centre Reinvestment Zone No. Two, City of Mesquite, Texas.
Body
On June 4, 2018, the Towne Centre Reinvestment Zone No. Two Board of Directors adopted an amended Project Plan and Reinvestment Zone Financing Plan for the Towne Centre Reinvestment Zone No. Two, to revise the Project Plan and timeline of proposed public improvements within the Zone.
The amended Plan reflects changes since December 18, 2017, when the City Council approved an expansion of the Zone boundaries to include the Downtown area, and includes cost revisions and timing of several projects expected to get underway in 2019. The remaining project costs identified in the TIRZ through December 31, 2019, the current term of the TIRZ, totals $28,352,742.
The amended Plan also illustrates how another $49,855,870 would be available for project costs if the term of the TIRZ was extended another 20 years, and the TIRZ Board is expected to make this recommendation to Council at the second City Council meeting in April 2019. A public hearing would be required, and if the Council did approve the extension of the term, only the City’s tax increment would flow into the TIRZ Fund since no other taxing jurisdiction has indicated they would participate.
Amendments to a Reinvestment Zone (TIRZ) Project and Financing Plan can only take effect upon approval by the City Council, and the TIRZ Board has submitted the amended plan for Council consideration.
Recommended/Desired Action
City staff recommends approval of the ordinance.
Attachment(s)
Ordinance
Drafter
Ted Chinn
Head of Department
David Witcher