Title
Presentation on the First Amended Interlocal Agreements by and between the City of McKinney, Texas, and Collin County, Texas, Respectively by and between the Tax Increment Reinvestment Zone Number One (TIRZ1) and the Tax Increment Reinvestment Zone Number Two (TIRZ2)
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: June 21, 2022
DEPARTMENT: City Manager's Office
CONTACT: Barry Shelton, AICP
ITEM SUMMARY:
* The proposed First Amended Interlocal Agreements for TIRZ #1 and TIRZ #2 will extend the term of the agreements between the City of McKinney and Collin County by 15 years, terminating in 2055.
* Following this action by the Boards, the proposed agreements will be forwarded to the Collin County Commissioners Court for action and then will be acted upon by the McKinney City Council.
* Following approval and execution of the amended interlocal agreements, the City Council will conduct properly noticed public hearings to approve ordinances extending the terms of each TIRZ.
BACKGROUND INFORMATION:
* On September 21, 2010 the McKinney City Council created Tax Increment Reinvestment Zone Number One by Ordinance Number 2010-09-034 and Tax Increment Reinvestment Zone Number Two by Ordinance Number 2010-09-035.
* The tax increment base for each district was determined as of January 1, 2010, and the TIRZ districts were set up for a period of 30 years, terminating on December 31, 2040 or at such time that all project costs, tax increment bonds, notes and other obligations of the TIRZ have been paid in full.
* The City of McKinney and Collin County entered into interlocal agreements in November 2010 whereby Collin County agreed to participate in both districts by contributing 50% of incremental county taxes.
* Funds contributed by the County to the TIRZ are limited to the development of transport...
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