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A. Conduct a public hearing under Chapter 311 of the Texas Tax Code to consider approving an amended Project Plan and Reinvestment Zone Financing Plan for Mesquite Rodeo City Reinvestment Zone Number One, City of Mesquite, Texas ("the Zone"), increasing the total estimated project costs for the Zone and other related matters.
B. An ordinance approving an amended Project Plan and Reinvestment Zone Financing Plan for Mesquite Rodeo City Reinvestment Zone Number One, City of Mesquite, Texas, increasing the total estimated project costs for the Zone and other related matters.
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On December 3, 2018, the City Council adopted Ordinance No. 4634 approving an amended Project Plan and Reinvestment Zone Financing Plan, and also passed Resolution No. 73-2018 to dedicate 75 percent of the ad valorem tax increment within the Iron Horse Public Improvement District (PID) boundaries to reduce a portion of the assessments levied on property within the PID for a period of up to 31 years or until the amount of TIRZ revenues total $18,500,000, whichever occurs first. Based on assumptions and valuations provided by the Developer at that time, it was estimated that the TIRZ revenues would total $16,588,303 by the time the TIRZ expired in 2049.
On February 4, 2019, the City Council passed Resolution No. 15-2019 creating the Iron Horse PID and City staff engaged P3Works, LLC to create a preliminary Service and Assessment Plan (SAP), which determines the assessment methodology and allocation of property assessments, including the amount of TIRZ increment revenue needed to reduce the annual installment for all assessed property. The earlier estimated assessment for the general retail was apportioned based on the square footage of proposed retail space (i.e., footprint of building), but this apportionment has been changed based on square footage of the property (i.e., acreage of tract) as reflected in an independent appraisal, and the updated TIRZ credit allocation has increa...
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