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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | MEETING DATE: | 8/26/2024 | DEPARTMENT: | Special Projects | DIRECTOR: | Peter Braster, Director of Special Projects | AGENDA ITEM: | Approve the TIRZ#5 Project Plan and Finance Plan | RECOMMENDED ACTION: | Adoption of Ordinances |
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| | | | | | | | ITEM SUMMARY To approve the Project and Financial Plan for Tax Increment Financing Reinvestment Zone Number Five; making certain findings; providing a severability clause; and providing for an immediate effective date. Adopted Ordinance No. 2024-8-9 |
| | | | | | | | PREVIOUS ACTION/PRESENTATION On January 8, 2024, the City Council established Tax Increment Financing Reinvestment Zone Number Five, City of Plano, Texas by Ordinance No. 2024-1-4. The ordinance included a draft of the Project and Finance Plan. |
| | | | | | | | BACKGROUND As required by State Law, the TIRZ#5 Board of Directors first reviewed the draft Project and Finance Plan on May 15, 2024. At that time the Board asked for clarifications and requested more time for review. On July 10, 2024, the Board met again to discuss the Project and Finance Plan and unanimously voted to recommend the plan for approval by Council. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS The financial impact of creating a Tax Increment Reinvestment Zone Legacy Area will be dependent on future property values which are indeterminable at this time, with a portion of future property tax revenue from increased property values within the zone being 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 | Ordinance | 8/19/2024 | Ordinance | Exhibit A | 8/19/2024 | Exhibit |
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