Title
A resolution setting a public hearing under Section 311.003 of the Texas Tax Code for the creation of a Tax Increment Reinvestment Zone (TIRZ) containing approximately 248.1466 acres of land consisting of the following six tracts of land: (1) 4300 Lawson Road, (2) 3400 McKenzie Road, (3) 4800 Lasater Road, (4) 4900 Lasater Road, (5) 2700 McKenzie Road and (6) 925 McKenzie Road, located within the corporate limits of the City of Mesquite, Texas; authorizing the issuance of notice by the City Secretary of Mesquite, Texas, regarding the public hearing; and directing the City to prepare a preliminary reinvestment zone financing plan.
Body
Tax increment financing is a tool authorized by Chapter 311 of the Texas Tax Code by which local governments can publicly finance needed structural improvements and enhanced infrastructure within a defined area called a reinvestment zone. The tax increment is derived from the difference in appraised value between the year in which the reinvestment zone is established (base year) and each year the reinvestment zone is in existence. A municipality establishes a TIRZ according to guidelines in the Texas Tax Code and other taxing entities elect to participate in the TIRZ by approving a participation agreement, which sets forth the percentage of tax increment the taxing entity is willing to dedicate to the TIF fund.
The developer of a proposed business park near IH-20 has requested the formation of a TIRZ to assist with the funding of infrastructure in support of the development.
Recommended/Desired Action
This resolution calls for a public hearing to be held on June 18, 2018 in order to start the required public notice process. Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
David Witcher
Head of Department
David Witcher