Title
Conduct a Public Hearing to Consider/Discuss/Act on an Ordinance Approving the Creation of Tax Increment Reinvestment Zone No. 1 in McKinney (also known as the Town Center 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
Mark Houser, City Attorney
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. 1 Board of Directors.
ITEM SUMMARY:
· The proposed Tax Increment Reinvestment Zone No. 1 (TIRZ No. 1) consists of approximately 950 acres of property generally within the historic Town Center of McKinney and along State Highway 5 from US 380 to the Spur 399/US 75 interchange (see Exhibit A).
· As proposed, TIRZ No. 1 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 $139 million in potential TIRZ No. 1 revenues over the 30-year life of the zone.
· As outlined in the Preliminary Project Plan, TIRZ No. 1 will provide support for catalytic infrastructure and projects that support continued revitalization of the Historic Town Center; link the Town Center across Highway 5 to the proposed future Transit-Oriented Development (TOD) around the future rail transit station; provide infrastructure and development support for the TOD; support the street and other infrastructure needed for the safe and pedestrian-oriented transportation...
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