Title
Consider/Discuss/Act on an Ordinance Amending Chapter 98 of the City of McKinney Code of Ordinances by Amending the Historic Neighborhood Improvement Zone Tax Exemption Program
Summary
COUNCIL GOAL: Enhance the Quality of Life in Downtown McKinney
MEETING DATE: February 6, 2018
DEPARTMENT: Development Services - Planning Department
CONTACT: Matt Robinson, AICP, Planning Manager
Guy Giersch, Historic Preservation Officer
Brian Lockley, AICP, Director of Planning
ITEM SUMMARY:
* Staff is proposing to increase the annual aggregate cap of the Historic Neighborhood Improvement Zone (HNIZ) Program beginning in the year 2018 to $250,000. Currently, an annual aggregate cap on the total amount of ad valorem taxes which can be exempted in any budget year under any or all of the exemption levels is set at $150,000.00. The cap is a tool to limit any budgetary concerns based on yearly fluctuations in tax revenues, and as such can be raised or lowered each year by the City Council.
* The current $150,000 HNIZ annual aggregate cap for tax exemptions is projected to be reached in 2018.
* At the December 18, 2017 City Council Work Session, Staff sought direction from the Council regarding raising the HNIZ program's annual aggregate cap from $150,000. Council directed Staff to proceed with an amendment to raise the annual aggregate cap to $250,000.
BACKGROUND INFORMATION:
* Ordinance No. 2007-02-014 and as amended by Ordinance No. 2008-04-030 (known as the Historic Neighborhood Improvement Zone Tax Exemption Program) encourages the general maintenance and rehabilitation of single family homes located within the HNIZ (and the geographically coexistent NEZ) by offering financial incentives based on verified investments that meet specified criteria (Sections 98-83, 98-84 and 98-85 of the City of McKinney Code of Ordinances).
* In 2007, Council approved the HNIZ program which established an aggregate cap of $50,000 of the total amount of City property taxe...
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