Title
Consider/Discuss/Act on an Ordinance of the City Council of the City of McKinney to Amend the Composition of the Board of Directors for Tax Increment Reinvestment Zone Number One (TIRZ No. 1) and Supersede Ordinance Numbers 2010-09-034 and 2010-10-041.
Summary
MEETING DATE: April 5, 2011
DEPARTMENT: City Manager’s Office
City Attorney’s Office
Development Services - Planning Department
CONTACT: Jim Parrish, Deputy City Manager
Mark Houser, City Attorney
Jennifer Cox, AICP, Director of Planning
Kevin Spath, AICP, CFM, Assistant Director of Planning
STAFF RECOMMENDATION: Staff recommends approval of the proposed Ordinance.
ITEM SUMMARY:
· Pursuant to Section 311.009 of the Texas Tax Code, each taxing jurisdiction that levies taxes on real property in a tax increment reinvestment zone may appoint one member to the Board of Directors for the zone, or waive its right to do so.
· If a taxing jurisdiction waives its right to appoint a member to the Board of Directors, the City Council may appoint such board member or members in its stead or amend the composition of the Board of Directors for the zone.
· Consistent with Section 311.009 of the Texas Tax Code, the Collin County Community College District (CCCCD) and McKinney Independent School District (MISD) have both waived their right to appoint members to the Boards of Directors for TIRZ No. 1 in McKinney. Thus, TIRZ No. 1 has two unfilled seats.
· At the March 15, 2011 Regular Work Session, City Council discussed their options for addressing the two unfilled seats and reached consensus to amend the composition of the Board of Directors for the zone.
· As such, the proposed Ordinance will reduce the composition of the Board of Directors for Tax Increment Reinvestment Zone Number 1 (TIRZ No. 1) from eleven (11) members to nine (9) members.
· The proposed Ordinance will also consolidate the information contained in previous Ordinances for TIRZ No. 1 (Ordinance No. 2010-09-034 and Ordinanc...
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