Title
Consider/Discuss/Act on a Resolution Amending the Administration Policy and Guidelines for Tax Increment Reinvestment Zone Number One
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5C: Promote reinvestment activities and ordinance changes in McKinney's historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: September 30, 2024
DEPARTMENT: Development Services - Planning Department
CONTACT: Jennifer Arnold, AICP, Director of Planning
RECOMMENDED BOARD ACTION:
* Staff recommends approval of the proposed resolution.
ITEM SUMMARY:
* This item is to consider amendments to the Administration Policy and Guidelines for Tax Increment Reinvestment Zone No. 1.
* The proposed amendments are intended to capture the discussion and direction received at the Regular TIRZ Board meeting on August 27 Regular to clarify eligible projects, economic development opportunities and the overall administration of the TIRZ.
* Proposed additions to the Administration Policy include:
o Added a requirement that Catalyst Projects must generate Ad Valorem or Sales Tax revenues for the TIRZ;
o Added administration and funding guidelines for newly created project categories - Innovation/Pilot Program Projects and District Enhancement Projects;
o Clarified that costs associated with the finish out of space from one use/user to another are not eligible expenses under the Critical Maintenance category;
o Increased funding caps for various items under the Vacant/Underutilized Project Category:
* Environmental Remediation, Interior/Exterior Demolition, Historic Fa?ade Restoration increased from $25,000 to $50,000 per project, and $200,000 cap per fiscal year
* Critical Maintenance increased from $50,000 to $100,000 per project
* Fire Suppression increased from $50,000 to $100,000 per project
o Updated funding parameters for Meritorious Exceptions
BACKGROUND INFORMATION:
* TIRZ was created with the primary inte...
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