Title
Ordinance - An Ordinance of the City Council of the City of Mansfield, Texas, Designating a Geographic Area Within the City as a Tax Increment Reinvestment Zone Pursuant to Chapter 311 of the Texas Tax Code, to be Known as Reinvestment Zone Number Five, City of Mansfield, Texas; Describing the Boundaries of the Zone; Creating a Board of Directors for the Zone and Appointing Members of the Board; Establishing a Tax Increment Fund for the Zone; Containing Findings Related to the Creation of the Zone; Providing a Date for the Termination of the Zone; Providing that the Zone Take Effect Immediately Upon Passage of the Ordinance; Providing a Severability Clause; And Providing an Effective Date
Requested Action
Staff requests Council create a tax increment reinvestment zone, TIRZ #5, and adopt a Preliminary Reinvestment Zone Financing Plan.
Recommendation
Staff recommends approval of the Ordinance.
Description/History
The City Council wishes to create TIRZ #5 in accordance with Section 311.003 of the Texas Tax Code regarding the establishment of a tax increment reinvestment zone containing approximately 70.987 acres of land generally located south of U.S. Hwy 287 and north of St. Paul Road, being wholly located within the corporate limits of the City; more commonly referred to as Somerset Village.
Justification
The proposed uses for the property are office, commercial and town home/multi-family developments. A tax increment reinvestment zone is needed to deliver the required infrastructure to the site.
Funding Source
N/A
Prepared By
Matt Jones, Assistant City Manager