Title
Ordinance - Public Hearing and First and Final Reading on an Ordinance of the City Council of the City of Mansfield, Texas, Amending the Boundaries of Tax Increment Reinvestment Zone Number One, City of Mansfield, Texas; Extending the Term of Tax Increment Reinvestment Zone Number One, City of Mansfield, Texas; Approving an Amended and Restated Final Project and Finance Plan for Tax Increment Reinvestment Zone Number One, City of Mansfield, Texas; Making Certain Findings; Providing a Severability Clause; and Providing for an Immediate Effective Date
Requested Action
Take action to amend the boundaries, extend the term and amend the Final Project and Finance Plan for the Tax Increment Reinvestment Zone Number One.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
The City Council wishes to extend the term, extend the boundary to properties generally located East of Wisteria Street and West of Magnolia Street along Broad Street and north of Broad Street and east of Carlin Road and amend the Final Project and Finance Plan for the Tax Increment Reinvestment Zone Number One; being wholly located within the corporate limits of the City of Mansfield, Texas.
Justification
A special financing district is necessary to help financially support the development and elevated standards for improvement within the district.
Funding Source
N/A
Prepared By
Matt Jones, Assistant City Manager