To: Mark R. Hafner, City Manager
From: Mary Meier Culver, Economic Development Director
Subject:
Title
Consider an ordinance approving the Final Project and Finance Plan for Tax Increment Reinvestment Zone No. 2., as authorized under section 311.003 of the Texas Tax Code.
The City Council approved the creation of Tax Increment Reinvestment Zone No. 2 and the preliminary financing plan on March 16, 2021.
There are two changes in from the Preliminary Plan, which are both insignificant to the overall goals in creating the TIRZ.
The changes are as follows:
• Tarrant Appraisal District has provided our consultant, Petty & Associates with adjustments to the parcel list which resulted in an updated Base Value of $169,274,313. This is a $211,192 or 0.12% decrease from the Base Value presented in the preliminary plan.
• The projected new development value is calculated based on the land use assumptions in the proposed 2021 Future Land Use Plan being considered by City Council on this same agenda. Updates to land use categories of properties located within the TIRZ resulted in a new projection of $430 million in new development value. This is a $10 million decrease or 2% from the projections presented in the preliminary plan.
The Final Project and Finance Plan for Tax Increment Reinvestment Zone No. 2 is attached as Exhibit A.