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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 9/13/2021 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Resolution to call a public hearing to consider an ordinance to adopt an amended and restated TIRZ#4 Final Project and Finance Plan. | | RECOMMENDED ACTION: | Adoption of Resolutions |
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| | | | | | | | ITEM SUMMARY Resolution No. 2021-9-1(R): To call for a public hearing on the adoption of an ordinance to approve an Amended and Restated Final Project and Finance Plan for Tax Increment Financing Reinvestment Zone Number 4, being located within the corporate limits of the City of Plano; and providing an effective date. Adopted |
| | | | | | | | PREVIOUS ACTION/PRESENTATION On January 13, 2020, the City Council established Tax Increment Financing Reinvestment Zone Number Four, City of Plano, Texas (the “TIRZ#4”) by Ordinance No. 2020-1-10.
On June 14, 2021, City Council adopted a Final Project and Financing Plan following a recommendation from the TIRZ#4 Board of Directors.
On August 6, 2021, the TIRZ#4 Board of Directors unanimously recommended approval and Amended and Restated Final Project and Financing Plan.
In anticipation of approval, notice attached to the resolution was published on September 2, 2021. Publishing of the notice does not predispose the will of Council regarding the resolution. |
| | | | | | | | BACKGROUND On January 13, 2020, City Council held a public hearing and approved an ordinance establishing the City of Plano Tax Increment Financing Reinvestment Zone Number Four (TIRZ#4). The ordinance included a preliminary Project and Finance Plan that adhered to the Development Agreement parameters.
On December 14, 2020, City Council approved a Funding Agreement with Collin Creek Development, LLC. (Developer) that further defined the scope of TIRZ#4 projects that will utilize TIRZ#4 funds. The Funding Agreement was amended and restated on August 9, 2021. Amendments included eliminating federal grants and funding for the East Garage. In addition, the City agreed to shift TIRZ funding from the West Garage to the East Garage. Those changes necessitated amending the Project and Finance Plan.
This action calls a public hearing to consider the Amended and Restated Final Project and Finance Plan. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS The Amended Plan projects the financial impact of a Tax Increment Reinvestment Zone surrounding the Collin Creek Mall property, which estimates the portion of future property tax revenue generated within the zone. Those funds to remain within the zone will be unavailable to Plano's General Fund and General Obligation Debt Fund.
This item relates to the City's Strategic Plan Critical Success Factors of Residential and Commercial Economic Vitality and Excellent, Innovative, and Accountable City Government. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS The Amended Plan projects the financial impact of a Tax Increment Reinvestment Zone surrounding the Collin Creek Mall property, which estimates the portion of future property tax revenue generated within the zone. Those funds to remain within the zone will be unavailable to Plano's General Fund and General Obligation Debt Fund.
This item relates to the City's Strategic Plan Critical Success Factors of Residential and Commercial Economic Vitality and Excellent, Innovative, and Accountable City Government. |
| ATTACHMENTS: | | Description | Upload Date | Type | | Resolution | 9/7/2021 | Resolution |
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