Title
Conduct a public hearing and consider an ordinance designating a contiguous geographic area consisting of approximately 1,920 acres of land generally located southwest of East Cartwright Road and both northwest and southeast of Faithon P. Lucas, Sr., Boulevard in the City of Mesquite, Dallas County, Texas, located within the Corporate Limits of the City of Mesquite, Texas, as a Reinvestment Zone pursuant to Chapter 311 of the Texas Tax Code, to be known as Reinvestment Zone Number Fifteen, City of Mesquite, Texas (Solterra), describing the boundaries of the Zone, creating a Board of Directors for the Zone, establishing a tax increment fund for the Zone, containing findings related to the creation of the Zone, providing a date for the termination of the Zone and providing that the Zone take effect immediately upon passage of the ordinance.
Body
In addition to creating a Public Improvement District (PID), the Solterra Development Agreement also requires the City to create a tax increment reinvestment zone (TIRZ) to help finance approximately $200 million in public improvements that benefit the development in accordance with Chapter 311 of the Tax Code.
Per the Agreement, the City's TIRZ participation rate will be 60 percent of the ad valorem property taxes levied and collected within the TIRZ over a term of 50 years. TIRZ revenues will be used to reduce property owner assessments used to pay off PID bond debt service, and any excess TIRZ revenues will be applied to TIRZ project costs and will also help the City fund a portion of Lawson Road.
The total amount of reimbursement to the Developer for the authorized PID and TIRZ public improvement project costs from any revenue source, including PID bond proceeds, TIRZ revenues or assessment revenues is limited to no more than $200,849,065.
This public hearing is required by State law to allow any interested person to speak for or against the creation of the reinvestment zone. A preliminary project plan and re...
Click here for full text