Title
A resolution authorizing the Mayor to execute an agreement with Reinvestment Zone Number Ten, City of Mesquite, Texas (Polo Ridge) regarding the construction of public improvements within the Polo Ridge Public Improvement District No. 2.
Body
Pursuant to Ordinance No. 4525, which created the Polo Ridge Tax Increment Reinvestment Zone No. Ten (TIRZ), the tax increment for the TIRZ was set in the amount equal to 51 percent of the ad valorem tax collected on all real property within the TIRZ.
On April 16, 2018, the City created the Polo Ridge Public Improvement District (PID) No. 2 (District), to finance the cost of certain authorized public improvements that confer a special benefit to property located within the District as authorized by State law and approved by the City Council. The City will levy assessments based on lot type in an amount sufficient to pay debt service on any special assessment revenue bonds issued to finance a portion of the authorized improvements, currently capped at $35 million.
In accordance with the Polo Ridge Development Agreement, the TIRZ Project and Finance Plan, and the District preliminary Service and Assessment Plan (SAP), TIRZ revenues will be collected annually to reduce the amount of assessments for a period of up to 31 years or until the amount of TIRZ revenues placed in the City’s TIRZ fund totals $29,740,198, whichever occurs first.
The attached resolution authorizes the execution of an agreement whereby the TIRZ Board of Directors has agreed to dedicate an allocation of 51 percent of TIRZ revenues to credit or offset a portion of the assessments levied by the City in accordance with the SAP. The SAP will be updated annually to reflect any changes in assessed property.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Ted Chinn
Head of Department
Ted Chinn