Title
Conduct a Public Hearing to Consider/Discuss/Act on Guidelines Regarding the Allocation and Awarding of TIRZ No. 1 Funds
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: November 3, 2020
DEPARTMENT: Development Services - Planning Department
CONTACT: Mark Doty, Assistant Director of Planning
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED BOARD ACTION:
* Staff recommends approval of the proposed resolution.
ITEM SUMMARY:
* Staff is requesting that the Board for Reinvestment Zone Number One (TIRZ 1) consider and act on proposed guidelines which will guide Staff's recommendations regarding future TIRZ reimbursement and/or grant requests.
* The proposed policy guidelines to the TIRZ 1 were reviewed and received support on September 1.
* Proposed guidelines to the TIRZ 1 Funds include:
* Establish guidelines for the 'Critical Maintenance' project type under 'Vacant/Underutilized Sites/Buildings' category.
* Establish guidelines for the 'Fire Suppression' project type under 'Vacant/Underutilized Sites/Buildings' category.
* Begin carrying over unused funding from Fiscal Year to Fiscal Year.
* Create a 'Meritorious Exception' that allows the TIRZ Board to review projects that fall outside the policy guidelines.
BACKGROUND INFORMATION:
* 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...
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