Title
Consider/Discuss/Act on a Resolution Amending the Project Plan for Reinvestment Zone Number One
Summary
MEETING DATE: June 18, 2013
DEPARTMENT: Development Services - Planning Department
CONTACT: Barry Shelton, Executive Director of Development Services
Mark Houser, City Attorney
STAFF RECOMMENDATION: Approval of the Resolution amending the Project Plan for TIRZ Number One.
ITEM SUMMARY:
* On September 21, 2010 the McKinney City Council created Tax Increment Reinvestment Zone Number One (TIRZ No. 1), 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.
* Relatively small projects on vacant or underutilized sites and buildings are listed in the Project Plan as eligible projects within the Vacant/Underutilized Building Improvement Area. TIRZ eligible expenses include environmental remediation, Interior or exterior demolition, historic fa?ade restoration, and fire safety improvements.
* On March 19, 2013 the TIRZ Board heard the request of Gayle Haynes, owner of Side Street Grill at 216 East Virginia Street for approximately $13,000 in reimbursement funds for the installation of a fire sprinkler system in a new restaurant. The Board voiced concerns about the need to preserve the majority of the TIRZ funds for catalyst projects and directed staff to prepare a policy for the issuance of grants for smaller improvements.
* The proposed amendment to the Project Plan would place limits on the funding of the relatively small vacant or underutilized sites and buildings projects in order to reserve the majority of the TIRZ funds for the larger catalyst projects listed in the Project Plan.
* The proposed limit on funding vacant or underutilized sites and buildings projects is as follows:
* The total annual amount of TIRZ No. 1 economic development grants for vacant or underutilized sites and buildings proj...
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