Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Setting a Public Hearing Under Section 311.003 of the Texas Tax Code for the Creation of a Tax Increment Reinvestment Zone Containing Approximately 359.40 Acres of Land Generally Located North of Double Oak Avenue, East of Highway 360, South of National Parkway, and West of Lakeview Drive, and Being Wholly Located within the Corporate Limits and Extraterritorial Jurisdiction of the City of Mansfield, Texas; Authorizing the Issuance of Notice by the City Secretary of the City Secretary of the City of Mansfield, Texas, Regarding the Public Hearing; and Directing the City of Mansfield, Texas to prepare a Preliminary Reinvestment Zone Financing Plan
Requested Action
Take action calling a public hearing to establish a tax increment reinvestment zone for December 12, 2022 City Council meeting and direct staff to prepare a Preliminary Reinvestment Zone Financing Plan.
Recommendation
Recommend calling a public hearing for December 12, 2022 City Council meeting for the establishment of a tax increment reinvestment zone and directing staff to prepare a Preliminary Reinvestment 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 establishment of a tax increment reinvestment zone containing approximately 359.40 acres of land generally located north of Double Oak Avenue, East of Highway 360, South of National Parkway, and west of Lakeview Drive, and being wholly located within the corporate limits of the City of Mansfield, Texas.
Justification
The City Council wishes to create a TIRZ in order to facilitate a quality development along the frontage of Toll 360.
Funding Source
N/A
Prepared By
Matt Jones, Assistant City Manager