Title
Consider/Discuss/Act on a Resolution Amending the Project Plan for Tax Increment Reinvestment Zone Number Two
Summary
MEETING DATE: February 6, 2018
DEPARTMENT: Planning
CONTACT: Matt Robinson, AICP, Planning Manager
Brian Lockley, AICP, Director of Planning
Michael Quint, Executive Director of Development Services
RECOMMENDED ACTION:
* Staff recommends approval of the Resolution amending the Project Plan for Tax Increment Reinvestment Zone Number Two (TIRZ 2).
ITEM SUMMARY:
* At the December 4, 2017 Reinvestment Zone Number Two meeting, Staff sought direction from the board regarding a potential amendment to TIRZ 2 to add additional eligible projects. Under the existing project plan for TIRZ 2, only two projects are identified for TIRZ funding: the perimeter north/south roadway along the eastern side of the Airport, and the extension of FM 546. The board gave Staff direction to add airport related projects such as land acquisition, public infrastructure and airport related construction as TIRZ eligible expenditures.
* The proposed amended project plan broadens the types of projects that are available for funding from TIRZ 2. The project plan adds airport related projects (i.e. airport facilities and related services, public infrastructure, and land acquisition) as TIRZ eligible expenses.
* TXDOT is currently constructing FM 546 from State Highway 5 to Airport Boulevard, which frees up a portion of the TIRZ funds that were projected to be utilized for the roadway project. As such, funds associated with that roadway project could be utilized towards other airport related projects should the project plan be amended.
* Should the resolution be approved by the TIRZ Board, City Council will need to approve an ordinance for final action and approval. The proposed ordinance is scheduled to be acted upon at their February 6, 2018 regular meeting.
BACKGROUND INFORMATION:
* The creation of a TIRZ to support the McKinney National Airpor...
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