Title
Conduct a Public Hearing to Consider/Discuss/Act on an Ordinance Approving the Creation of Tax Increment Reinvestment Zone No. 2 in McKinney (also known as the Airport TIRZ) and Establishing a Board of Directors for the Reinvestment Zone
Summary
MEETING DATE: September 21, 2010
DEPARTMENT: Development Services - Planning Department
CONTACT: Jim Parrish, Deputy City Manager
Kenneth Wiegand, AAE, Executive Director of CCRA
John Kessel, Executive Director of Development Services
Jennifer Cox, AICP, Director of Planning
Kevin Spath, AICP, CFM, Senior Long Range Planner
RECOMMENDED CITY COUNCIL ACTION:
· Approval of the Ordinance and appointment of the TIRZ No. 2 Board of Directors.
ITEM SUMMARY:
· The proposed Tax Increment Reinvestment Zone No. 2 (TIRZ No. 2) consists of approximately 3,617 acres of property generally in and around the Collin County Regional Airport from approximately US 380 to the southeastern City Limits of McKinney (see Exhibit A).
· As proposed, TIRZ No. 2 revenues will be generated through the dedication of all eligible City ad valorem tax, all eligible City sales tax (1%), and 50% of eligible County ad valorem tax, over the baseline year, on properties and taxpaying entities within the proposed zone.
· Collectively, 100% City participation in both ad valorem and sales tax (1%) combined with 50% County participation in ad valorem tax are estimated to yield a cumulative value of $40.66 million in potential TIRZ No. 2 revenues over the 30-year life of the zone.
· As outlined in the Preliminary Project Plan, key project initiatives in TIRZ No. 2 will be the investment in the roadway infrastructure necessary to access the Airport (i.e. the perimeter north/south roadway along the eastern side of the Airport and FM 546).
· TIRZ No. 2 will be governed by a Board of Directors, which is proposed to consist of 11 members, including 8 members appointed by the McKinney City Council and 1 member appointed by each of the partici...
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