Title
Ordinance - Public Hearing on an Ordinance of the City Council of the City of Mansfield, Texas, Designating a Geographic Area Within the City as a Tax Increment Reinvestment Zone Pursuant to Chapter 311 of the Texas Tax Code, to be Known as Reinvestment Zone Number Four, City of Mansfield, Texas; Describing the Boundaries of the Zone; Creating a Board of Directors for the Zone and Appointing Members of the Board; Establishing a Tax Increment Fund for the Zone; Containing Findings Related to the Creation of the Zone; Providing a Date for the Termination of the Zone; Providing that the Zone Take Effect Immediately Upon Passage of the Ordinance; Providing a Severability Clause; And Providing an Effective Date (Amendment to Agenda)
Requested Action
Hold a public hearing to create a tax increment reinvestment zone, TIRZ #4, and adopt a Preliminary Reinvestment Zone Financing Plan.
Recommendation
Recommend the creation of a tax increment reinvestment zone and approve a Preliminary Reinvestment Zone Financing Plan.
Description/History
The City Council wishes to create TIRZ #4 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 south of Big League Dreams, east of Texas 360 Toll, west of , and west of Heritage Parkway, south of Lone Star Road and being wholly located within the corporate limits of the City; more commonly referred to as Harvest Pointe.
Justification
The City is working with two developers with priority to deliver significant commercial, residential, and entertainment uses in this corridor. A tax increment reinvestment zone is needed to deliver the required infrastructure to the site.
Funding Source
N/A
Prepared By
Matt Jones
Assistant City Manager