Title
An ordinance repealing Ordinance No. 4734 that approved a Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Thirteen, City of Mesquite, Texas (Spradley Farms) (the "Zone"), established a tax increment for the Zone, and made a finding regarding feasibility; making a new finding regarding feasibility; disapproving the Project Plan and Reinvestment Zone Financing Plan for the Zone; providing a severability clause; and providing an effective date thereof.
Body
On September 16, 2019, the City Council approved a resolution creating Reinvestment Zone Number Thirteen, City of Mesquite, Texas (Spradley Farms) (the "TIRZ") for the purpose of funding public improvements related to the Spradley Farms development. The TIRZ identifies a base value of all property located within the zone and then obligates any incremental increases to a separate fund. The TIRZ fund may be used to pay for or reimburse certain expenses for public improvements within the Zone as identified in the TIRZ Project Plan and Reinvestment Zone Financing Plan. In the case of the Spradley Farms Master Development Agreement, the TIRZ revenues are directed to reimburse the Developer for financing costs of public infrastructure related to the residential development.
No expenses are permitted by the TIRZ without City Council approval of a Project Plan and Reinvestment Financing Plan. The City Council, based on a recommendation of the TIRZ Board, approved a Project and Financing Plan on November 4, 2019. The basis of the TIRZ funding is outlined in the Master Development Agreement that was also approved by both the TIRZ Board and City Council on November 4, 2019. The Master Development Agreement anticipated participation by Kaufman County in the TIRZ funding of 65 percent of the incremental value over a period of 35 years. The Developer indicated an ongoing discussion with Kaufman County Commissioners and a subsequent approval in December 2019. To date, the Kaufma...
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