CITY COUNCIL AGENDA MEMO|
|MEETING DATE: ||1/11/2021|
|DIRECTOR:||Peter Braster, Director of Special Projects|
|AGENDA ITEM:||Resolution expanding the Collin Creek East PID|
|RECOMMENDED ACTION:||Adoption of Resolutions|
Resolution No. 2021-1-2(R): To call for a public hearing on the addition of land to a public improvement district, the Collin Creek East Public Improvement District, being located within the corporate limits of the City of Plano; and providing an effective date. Adopted
PREVIOUS ACTION/PRESENTATIONIn January 2020, Council created the Collin Creek East Public Improvement District. At that time, the new location for the JCPenney retail store was excluded from the PID. In November 2020, JCPenney decided to close their existing store and not open a new one. The developer is now requesting the property be placed into the PID.
BACKGROUNDThis action calls a public hearing to discuss the expansion of the public improvement district over the eastern portion of the Collin Creek Redevelopment Project site. The eastern portion contains the majority of commercial development. Details of the district's creation will be discussed at the public hearing in February.
FINANCIAL SUMMARY/STRATEGIC GOALS
This item has no financial impact. If adopted the financial impact of expanding the Collin Creek East Public Improvement District is indeterminable at this time, with the funding for the district's activities being born by property owners within the district.
This item supports the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.