Title
Consider/Discuss/Act on an Amendment to the Fiscal Year 2014-2015 Annual Budget to Provide Funding for Vacant/Underutilized Site/Buildings
Summary
MEETING DATE: March 17, 2015
DEPARTMENT: Planning
CONTACT: Matt Robinson, AICP, Planning Manager
Rodney Rhoades, Chief Financial Officer
Michael Quint, Director of Planning
RECOMMENDED ACTION:
· Staff recommends that the TIRZ Board approve an amendment to the Fiscal Year (FY) 2014-2015 annual budget for TIRZ No.1.
ITEM SUMMARY:
· Staff is proposing to modify the approved budget by allocating $100,000 of the TIRZ No.1 Fund Balance for the purpose of adding funding for Vacant/Underutilized Site/Building incentives as outlined in the policy governing the awarding of TIRZ No. 1 funds.
· Before any payment can be processed for Vacant/Underutilized Site/Building projects, the City Council must approve the budget amendment by ordinance. The current annual budget for expenditures from the TIRZ No. 1 fund balance is $200,000 (encumbered by an agreement with the Flour Mill). This proposed budget amendment will increase the budgeted expenditures amount to $300,000.
· The proposed $100,000 allocation for Vacant/Underutilized Site/Building incentives is anticipated to be a recurring line item in each annual budget moving forward, unless otherwise modified by the Board or the City Council.
· The policy governing the awarding of TIRZ No.1 funds and related budget amendment are attached for additional information.
BACKGROUND INFORMATION:
· The TIRZ Board has the authority under Section 311 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 boundaries.
· At the September 3, 2014, meeting of Reinvestment Zone Number One, the Board approved a resolution providing a policy governing the allocation and/or awarding of TIRZ No. 1 funds for Catalyst Projects and Vacant/Underutilized Site/Buildings as defined in the approved Project Plan. For qualifying Vacant/Underutilized Site/Buildings, reimbursement or grant requests are limited to a maximum of $25,000 per project, with an overall maximum of $100,000 being awarded each fiscal year for Vacant/Underutilized Site/Buildings project types. Reimbursement and/or grant requests are funded on a first-come, first-serve basis until the maximum fiscal year allotment has been reached.
FINANCIAL SUMMARY:
· The current FY2014-2015 annual budget for TIRZ No. 1 economic incentive expenditures is $200,000.
· If approved by the board and later by City Council, the TIRZ No.1 FY2014-2015 economic incentive expenditures budget will increase to $300,000.