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...
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