Title
Consider/Discuss/Act on a Resolution Approving the Project Plan and Financing Plan for Tax Increment Reinvestment Zone Number Two
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 Two.
ITEM SUMMARY:
· On September 21, 2010 the McKinney City Council created Tax Increment Reinvestment Zone Number Two (“Airport TIRZ”), consisting of approximately 3,617 acres generally in and around the Collin County Regional Airport (“Airport”) from approximately US 380 to the southeastern city limits of McKinney (see Ordinance Number 2010-09-035 and as amended by Ordinance Number 2010-10-041).
· On October 19, 2010, the Board of Directors for TIRZ Number Two 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 2010-09-035, 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 the Airport Development Corporation and considered by the City Council for the creation of the TIRZ, provides for the design and construction of the roadway infrastructure necessary to access the Airport (i.e., the perimeter north/south roadway along the eastern side of the Airport and the extension/relocation of FM 546).
BACKGROUND INFORMATION:
· The creation of a TIRZ to support the Collin County Regional Airport was proposed as part of the ongoing investment in the Airport to serve the regional needs of Collin County and the greater D/FW Metroplex.
· After devel...
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