File #: 13-0525    Version: 1 Name: Resolution - A Resolution Approving the Agreement Between the City of Mansfield and Tarrant County Regarding the County's Participation in the Tax Increment Reinvestment Zone, No. 2 (Historic Mansfield)
Type: Resolution Status: Passed
File created: 4/26/2013 In control: City Council
On agenda: 5/13/2013 Final action: 5/13/2013
Title: Resolution - A Resolution Approving the Agreement Between the City of Mansfield and Tarrant County Regarding the County's Participation in the Tax Increment Reinvestment Zone, No. 2 (Historic Mansfield)
Sponsors: Felix Wong
Attachments: 1. Resolution, 2. TIRZ #2 Historic Mansfield
Title
Resolution - A Resolution Approving the Agreement Between the City of Mansfield and Tarrant County Regarding the County's Participation in the Tax Increment Reinvestment Zone, No. 2 (Historic Mansfield)
 
Requested Action
Approve the subject agreement.
 
Recommendation
Staff recommends approval.
 
Description/History
Tarrant County has executed the attached agreement regarding the county's participating in TIRZ No. 2 and the payment into the TIRZ Fund of 75% of the county's incremental tax revenue up to a maximum of $3,307,836.
 
The City is paying 100% of its incremental tax revenue into the TIRZ Fund over 25 years.  The total cost of various TIRZ projects is estimated to be $15,150,000 as shown in the Project Plan approved in February 2013.
 
Funding Source
TIF Fund
 
Prepared By
Felix Wong, Director of Planning
817-276-4228