Title
Consider/Discuss/Act on a Resolution for the Tax Increment Reinvestment Zone Two (TIRZ No. 2 / Airport) to Provide Funding for Airport Land Acquisition
Summary
COUNCIL GOAL: Maximize the Development Potential of the McKinney National Airport
MEETING DATE: February 6, 2018
DEPARTMENT: Finance
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED ACTION:
• Staff recommends approval of the resolution.
ITEM SUMMARY:
• The resolution authorizes the Tax Increment Reinvestment Zone Two (TIRZ No. 2 / Airport) to provide funding for airport land acquisition in the amount of $3,000,000.
BACKGROUND INFORMATION:
• At the City Council meeting on December 19, 2017, Council approved to authorize the City Manager to execute a purchase and sales agreement with BTCR LP, Prairie Flight LP, and MADMT LP collectively, for approximately 190 acres conditioned on certain modifications discussed in Executive Session.
FINANCIAL SUMMARY:
• The resolution authorizes the Tax Increment Reinvestment Zone Two (TIRZ No. 2 / Airport) to provide funding for airport land acquisition in the amount of $3,000,000.
BOARD OR COMMISSION RECOMMENDATION:
• N/A