Title
Consider/Discuss the Project Plan and Administration Policy for Tax Increment Reinvestment Zone No. 1 (TIRZ No. 1)
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5C: Promote reinvestment activities and ordinance changes in McKinney’s historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: August 27, 2024
DEPARTMENT: Development Services - Planning Department
CONTACT: Jennifer Arnold, Director of Planning
ITEM SUMMARY:
• This discussion item is to review the TIRZ No. 1 Project Plan and Administration Policy, particularly related to TIRZ eligible expenses, economic development partnerships, and public programs that support the overall administration and operation of the TIRZ district.
BACKGROUND INFORMATION:
• The Project Plan of the TIRZ focuses on support for catalytic projects for the continued revitalization of the Town Center; key regional transportation infrastructure for effect access and linkages throughout the Town Center including connections between the Historic Square to the west of Highway 5 and the future Transit-Oriented Development (TOPD) to the east of Highway 5, as well as safe auto, pedestrian and bicycle movements along Highway 5 and within the supporting street network of the Town Center infrastructure and development of the TOD; and for other potential locations and projects that provide opportunity for redevelopment.
• TIRZ was created with the primary intention of collection and retaining revenues (in the TIRZ) for aggregation to facilitate long-term financing for critical transportation infrastructure and other substantial catalyst projects to support and encourage sustained revitalization of the Town Center.
• The authority of the Board of Directors is established by City Ordinance No. 2010-09-034 creating the TIRZ, Board authority includes the making of recommendations to the City Council concerning the administration of the TIRZ; and adopting (and amending as needed in the future) a project plan and financing plan consistent with the preliminary project plan and finance plan subject to final approval by City Council.
• TIRZ has the authority under Chapter 311 of the State Tax Code and Chapter 380 of the Texas Local Government Code to make loans or grants of TIRZ funds for the purposes of promoting local economic development and stimulating businesses and commercial activity within the TIRZ.
• The current TIRZ policy governing the allocation and/or awarding of TIRZ No. 1 funds for Vacant/Underutilized Sites/Buildings was adopted by TIRZ No. 1 Board resolution on September 2, 2014.
• The TIRZ Project Plan has been amended twice, most recently in January 2020.