Title
Consider/Discuss/Act on a Resolution Approving the Project Plan and Financing Plan for Tax Increment Reinvestment Zone Number One
Summary
MEETING DATE: November 16, 2010
DEPARTMENT: Development Services - Planning Department
CONTACT: Jim Parrish, Deputy City Manager
Mark Houser, City Attorney
John Kessel, Executive Dir. of Development Services
Jennifer Cox, AICP, Director of Planning
Kevin Spath, AICP, CFM, Senior Long Range Planner
RECOMMENDED CITY COUNCIL ACTION: Approval of a Resolution approving the Project Plan and Financing Plan for TIRZ Number One.
ITEM SUMMARY:
· On September 21, 2010, the McKinney City Council created Tax Increment Reinvestment Zone Number One (“Town Center TIRZ”), consisting of approximately 950 acres generally in and around the historic Town Center of McKinney and along State Highway 5 from US 380 to Spur 399/US 75 Interchange (see Ordinance Number 2010-09-034 and as amended by Ordinance Number 2010-10-041).
· On October 19, 2010, the Board of Directors for TIRZ Number One had its first meeting and unanimously passed a Resolution adopting the Project Plan and Financing Plan for the Zone. Pursuant to Section 3(e) of Ordinance Number 2010-09-034, the Board of Directors is required to submit the Project Plan and Financing Plan to the City Council for final approval.
· The Project Plan and Financing Plan as presented to the public and considered by the City Council for the creation of the TIRZ focuses on support for catalytic projects for the continued revitalization of the Town Center; key regional transportation infrastructure for effective 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 (TOD) 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; an...
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