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A. Conduct a public hearing and consider an ordinance enlarging the boundaries and increasing the geographic area of Reinvestment Zone Number Twelve, City of Mesquite, Texas (IH-20 Business Park) ("the Zone") by adding to the Zone approximately 13 acres of City rights-of-way adjacent to the Zone and approximately 828 acres of noncontiguous land generally located south of Scyene Road, west of Lawson Road, north of Berry Road, and east of Ashley Furniture Industries Distribution Center, and being located within the corporate limits and extraterritorial jurisdiction of the City, pursuant to Chapter 311 of the Texas Tax Code, describing the boundaries of the Zone as enlarged, extending the term of the Zone, amending Ordinance No. 4579, containing findings related to the enlargement of the Zone, and providing that expansion of the Zone take effect immediately upon passage of the ordinance.
(This public hearing is continued from the June 7, 2021, City Council meeting.)
B. An ordinance approving a Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Twelve, City of Mesquite, Texas (IH-20 Business Park), and making a finding regarding feasibility.
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On July 2, 2018, the City Council adopted Ordinance No. 4579 designating Reinvestment Zone Number Twelve, City of Mesquite, Texas (IH-20 Business Park) to promote new industrial development along the IH-20 corridor at Lawson Road. The TIRZ includes 248.1466 acres of land consisting of six tracts within the corporate limits of the City, and the designation ordinance also set the City's tax increment participation rate at 50 percent. The Project Plan and Reinvestment Zone Financing Plan was not adopted at that time.
At that time, the developer was looking to construct 3.7 million square feet of industrial space with an estimated taxable value of $316 million in seven phases over a 12-year period, and the TIRZ would accumulate $12.9 million over 20 years to finance approximately $12.4 ...
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