To: Mark R. Hafner, City Manager
From: Mary M. Culver, Director of Economic Development
Subject:
Title
Consider an ordinance approving an Amended and Restated Final Project and Finance Plan for Tax Increment Reinvestment Zone No. 2, adopted by Ordinance No. 2008 dated April 20, 2021.
Background
The Tax Increment Reinvestment Zone No. 2 was created by the Keller City Council on March 16, 2021 and the Final Project and Finance Plan was approved on April 20, 2021, pursuant to Section 311.011(d) of the Texas Tax Code.
Amendments
The proposed amendment to proposed uses of the property include the replacement of the proposed 2021 Future Land Use Plan with the final 2021 Future Land Use Plan as adopted by City Council on April 20, 2021.
The proposed amendments to estimated project property costs include the addition of ‘Project Tiers’ which are project improvements split into two categories: (i) high priority infrastructure projects that are anticipated to be funded by TIRZ Revenue from all participating tax entities, and (ii) projects anticipated to be funded solely from the City Tax Increment in the event that the taxable values of the Zone over perform. In addition, a new project is listed as “OTK Parking Garage” under the ‘Tier 1’ projects as an improvement funded by the TIRZ Revenue from all participating tax entities. A footnote has also been added to the Final Project and Finance plan to clarify the County’s participation in the Elm St. road improvement if the project is selected for the Tarrant County Transportation Bond Program. If the project is selected by the aforementioned bond program, the County Increment shall not be used to fund the project.
The proposed amendments to the feasibility study reflect the impact of the changes to the previous two sections with the estimated TIRZ contribution totaling $48,529,585. The taxable value of the zone has also been updated to reflect the 2021 property values recently provided by Tarrant Appraisal District.