Title
Public Hearing - A Public Hearing Regarding the Creation of Tax Increment Reinvestment Zone Number 5, Containing Approximately 70.897 Acres of Land Generally Located South of U.S. 287 and North of St. Paul Road, and Being Wholly Located within the Corporate Limits of the City of Mansfield, Texas, and its Benefits to the Municipality and to Property in the Proposed Zone
Requested Action
Staff is requesting that City Council open a public hearing regarding the creation of TIRZ #5.
Recommendation
Staff recommends opening a public hearing.
Description/History
"Somerset Village" is the name of the proposed development on approximately 70 acres of real property located off U.S. 287 and north of St. Paul Road which is proposed to include diverse housing options, retail, commercial, parks, and open space to be developed in phases.
The Economic Incentive Policy lists Tax Increment Reinvestment Zones (TIRZ) as an economic development tool to recruit target industries to developments.
Justification
Staff believes it is in the best interest of the City to partner with the Developer to create high-quality amenities and infrastructure, and complete neighborhoods in the development.
Funding Source
N/A
Prepared By
Matt Jones, Assistant City Manager