Title
A. Conduct a public hearing under Chapter 311 of the Texas Tax Code to consider terminating the Falcon's Lair Tax Increment Finance Reinvestment Zone Number Four, City of Mesquite, Texas, and dissolving the Board of Directors and Tax Increment Fund for the Zone.
B. Consider an ordinance terminating the Falcon's Lair Tax Increment Finance Reinvestment Zone Number Four, City of Mesquite, Texas, and dissolving the Board of Directors and Tax Increment Fund for the Zone.
Body
On December 3, 2018, the Falcon's Lair Tax Increment Finance Reinvestment Zone Number Four (TIRZ) Board of Directors approved the recommendation to terminate the Falcon's Lair TIRZ due to no development activity and no need for TIRZ financing in the near future.
The TIRZ was created by City Ordinance No. 3303 on June 7, 1999, as a means to finance public infrastructure related to a proposed mixed use development located at IH-20 and Lumley Road. However, after numerous iterations of the Project and Financing Plan and the failure of the developer, Falcon's Lair, L.P., to cure defaults related to the Mater Development Agreement, the City Council terminated the Agreement on January 4, 2010, and there have been no indications of any future development plans by this developer.
Termination of a Reinvestment Zone occurs on the earlier of: (1) the termination date designated by ordinance adopted by the City Council, or (2) the date on which all project costs and other obligations have been paid in full. No projects in any amended Project and Financing Plan ever commenced and the TIRZ has no obligations or encumbrances.
State law requires the City Council to hold a public hearing before terminating a Reinvestment Zone. The attached ordinance would affect the termination of TIRZ No. Four and dissolving the Board and TIRZ Fund.
Recommended/Desired Action
Following the public hearing, City staff recommends approval of the ordinance.
Attachment(s)
Ordinance
Drafter
Jimmy Martin
Head of Depart...
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