Title
Resolution - A Resolution of the City Council of Mansfield, Texas, Setting a Public Hearing under Section 311.003 of the Texas Tax Code for a Tax Increment Reinvestment Zone Extension Consisting of Approximately 35 Additional Acres of Land Generally Located East of Wisteria Street and West of Magnolia Street Along East Broad Street and Being Wholly Located Within the Corporate Limits of the City of Mansfield, Texas; Authorizing the Issuance of Notice by the City Secretary of the City of Mansfield, Texas, Regarding the Public Hearing; and Directing the City of Mansfield, Texas to Prepare an Updated Project and Finance Plan
Requested Action
Take action calling a public hearing to expand a Tax Increment Reinvestment Zone and directing staff to prepare an updated Reinvestment Zone Financing Plan.
Recommendation
Staff recommends calling a public hearing for the expansion of a Tax Increment Reinvestment Zone and directing staff to update a Preliminary Zone Financing Plan.
Description/History
The City Council wishes to hold a public hearing in accordance with Section 311.003 of the Texas Tax Code regarding the expansion of a tax increment reinvestment zone containing approximately 35 additional acres generally located East of Wisteria Street and West of Magnolia Street along Broad Street and 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