Title
Resolution - Resolution Approving Certain Public Improvements know as Cannon Drive North within the Tax Increment Financing Reinvestment Zoned Number One and the Expenditure of Tax Increment Funds for the Public Improvements
Requested Action
Approve the subject resolution.
Recommendation
The TIF Board voted by 5 to 0 to recommend approval of the extension of Cannon Drive North at an estimated cost of $934,950 to be paid out of the current available TIF Fund. The representative of Ellis County was absent for the meeting.
Description/History
Staff has initiated this project and acquired the necessary right-of-way in order to:
1. Improve traffic flow around the new Kroger Store (see attached pictures of busy intersection at E. Broad St. and Cannon Dr. and the Kroger Store driveway)
2. Minimize accidents on E. Broad Street (see attached report of recent accidents)
3. Promote future development in this part of The Reserve TIF - the new road will create two new commercial corners at a signalized intersection.
The proposed public improvements are necessary and consistent with the purposes of creating the TIF District. City Staff will be responsible for the implementation of this project
Funding Source
The Reserve TIF Fund - there are sufficient funds to cover the estimated project cost.
Prepared By
Felix Wong, Director of Planning
817-276-4228