To call for a public hearing on the creation of a tax increment reinvestment zone containing approximately 703 acres of land generally located in the Legacy Business Area within the corporate limits of the City of Plano; authorizing the issuance of notice by the City Secretary regarding the public hearing; directing the City of Plano to prepare a preliminary reinvestment zone financing plan, and providing a severability clause and an effective date. Adopted Resolution No. 2023-11-3(R)

The Texas Legislature, under Section 311 of the Texas Tax Code, created tax increment financing as a tool that local governments can use to publicly finance projects that will enhance an area’s economic vitality. This is accomplished by creating a fund that sifts a portion or amount of tax increment generated from municipal property taxes attributable to the area above the base year’s amount.  The yearly increment is then deposited into the tax increment fund.

The City of Plano has 3 active zones:  #2:  Downtown Plano; #3   DART Silver Line; and #4   Collin Creek Mall

This item has no financial impact.

Approval of this item supports the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.