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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 Reinvestment Zone Number Thirteen, City of Mesquite, Texas (Spradley Farms) ("the Zone"), decreasing the percentage of tax increment to be contributed by the City to the Tax Increment Fund for the Zone from 70 percent to 60 percent, extending the term of the Zone, and designating additional property in the Zone to be acquired by the City, amending Ordinance Nos. 4713 and 4734, making a finding of feasibility, providing a repealer clause, providing a severability clause, and providing an effective date.
B. An ordinance approving an amended Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Thirteen, City of Mesquite, Texas (Spradley Farms), decreasing the percentage of tax increment to be contributed by the City to the Tax Increment Fund for the Zone from 70 percent to 60 percent, extending the term of the Zone, and designating additional property in the Zone to be acquired by the City, amending Ordinance Nos. 4713 and 4734, making a finding of feasibility, providing a repealer clause, providing a severability clause, and providing an effective date.
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On November 4, 2019, the Spradley Farms TIRZ Board of Directors adopted a Project Plan and Reinvestment Financing Plan for the TIRZ based on information provided by the Developer, The Nehemiah Company, and recommended approval of the Plan by the City Council. That same day, the City Council passed Ordinance No. 4734 approving the Project and Financing Plan and designating the City's tax increment participation rate at 70 percent to finance $230 million in public improvements within the Spradley Farms development. The adopted Plan also anticipated participation by Kaufman County at 65 percent of property taxes collected by the County within the Zone.
Subsequently, on January 6, 2020, the City Council adopted Resolution No....
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