Title
Conduct a Public Hearing to Consider/Discuss/Act on an Ordinance Amending the Project Plan for Tax Increment Reinvestment Zone Number One
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5D: Promote reinvestment activities in McKinney’s historic downtown that balance the historic character and current market needs)
MEETING DATE: January 21, 2020
DEPARTMENT: Development Services - Planning Department
CONTACT: Mark Doty, Assistant Director of Planning
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED CITY COUNCIL ACTION:
• Staff recommends approval of the proposed ordinance.
ITEM SUMMARY:
• The board for Reinvestment Zone Number One (TIRZ 1) considered a resolution to amend the project plan for TIRZ 1 at the January 21, 2020 meeting. As such, Staff is now presenting an ordinance adopting the amended project plan for TIRZ 1.
• The proposed amendment to the TIRZ 1 Project Plan will clarify language regarding the current allowed expenditures for Catalyst Projects and Vacant/Underutilized Sites/Buildings.
• The current language reads that the City of McKinney Town Center has several buildings that contribute to the character and fabric of the Town Center, but these buildings sometimes are financially unfeasible to properly redevelop because of the cost of environmental remediation of asbestos lead based paint and other contaminants, interior and exterior demolition costs, façade improvement costs and fire accessibility issues.
• The amended language shall read that the City of McKinney Town Center has several buildings that contribute to the character and fabric of the Town Center, but these buildings sometimes are financially unfeasible to properly redevelop because of the cost of environmental remediation of asbestos, lead-based paint and other contaminants, interior and exterior demolition costs, façade improvement costs, fire suppression improvement costs (including fire sprinkler systems), and fire accessibility issues.
• The proposed language is aimed at clarifying the scope of fire improvements that may be considered for TIRZ funding to include fire suppression, and fire sprinkler systems.
BACKGROUND INFORMATION:
• The Project Plan of the TIRZ focuses on support for catalytic projects for the continued revitalization of the Town Center; key regional transportation infrastructure for effect access and linkages throughout the Town Center including connections between the Historic Square to the west of Highway 5 and the future Transit-Oriented Development (TOPD) to the east of Highway 5, as well as safe auto, pedestrian and bicycle movements along Highway 5 and within the supporting street network of the Town Center infrastructure and development of the TOD; and for other potential locations and projects that provide opportunity for redevelopment.
• TIRZ was created with the primary intention of collection and retaining revenues (in the TIRZ) for aggregation to facilitate long-term financing for critical transportation infrastructure and other substantial catalyst projects to support and encourage sustained revitalization of the Town Center.
• The authority of the Board of Directors is established by City Ordinance No. 2010-09-034 creating the TIRZ, Board authority includes the making of recommendations to the City Council concerning the administration of the TIRZ; and adopting (and amending as needed in the future) a project plan and financing plan consistent with the preliminary project plan and finance plan subject to final approval by City Council.
• TIRZ has the authority under Chapter 311 of the State Tax Code and Chapter 380 of the Texas Local Government Code to make loans or grants of TIRZ funds for the purposes of promoting local economic development and stimulating businesses and commercial activity within the TIRZ.
FINANCIAL SUMMARY:
• N/A