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

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.

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.

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.