To: Mark R. Hafner, City Manager
From: Mary M. Culver, Acting Economic Development Director
Subject:
Title
Consider a resolution setting a Public Hearing under Section 311.003 of the Texas Tax Code for the creation of a Tax Increment Reinvestment Zone containing approximately 795.19 acres of land generally located along the U.S. Hwy. 377 commercial corridor and being wholly located within the corporate limits of the City of Keller, Texas; authorizing the issuance of notice by the City Secretary of the City of Keller, Texas, regarding the Public Hearing; and directing the City of Keller, Texas to prepare a preliminary Reinvestment Zone Financing Plan.
Chapter 311 of the Texas Tax Code requires a public hearing to be noticed no less than seven days prior to the creation of a Tax Increment Reinvestment Zone (TIRZ). A preliminary project and financing plan for the proposed TIRZ will be presented during a city council work session on February 24, 2021. The Public Hearing will occur during the March 16, 2021 regular City Council meeting.
The proposed TIRZ will be the second in Keller and encompass approximately 795.19 acres along the Main Street Corridor between the northern city limits and Wall-Price-Keller Rd. A map depicting the proposed TIRZ is attached as Exhibit A.
The first TIRZ in Keller was completed in 2017 and funded public infrastructure throughout Keller Town Center and the construction of Town Hall.