AGENDA CAPTION:
Title
Hold a Public Hearing to receive comments for or against Ordinance 2025-14, amending the project plan and reinvestment zone financing plan for Tax Increment Reinvestment Zone No. 5 (Downtown TIRZ) to increase funding in support of an annual downtown operations plan and approved project plans submitted via an application process; authorizing the City Manager, or designee, to execute such amendment on behalf of the city; including procedural provisions; and declaring an effective date; and consider approval of Ordinance 2025-14, on the first of two readings.
Body
Meeting date: May 20, 2025
Department: Finance
Amount & Source of Funding
Funds Required: $ 2,789,486
Account Number: Contingent upon Budget Amendment approval
Funds Available: Yes - TIRZ #5
Account Name: Various
Fiscal Note:
Prior Council Action: November 15, 2011 - approved a preliminary project plan and reinvestment zone financing plan. December 14, 2011 - creation of Reinvestment Zone for Tax Increment Financing purposes. June 18, 2020 - adopted amended project plan and reinvestment zone financing plan. June 23, 2022 - adopted amended project plan and reinvestment zone financing plan.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Economic Vitality
Mobility & Connectivity
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
? Economic Development - Choose an item.
? Environment & Resource Protection - Choose an item.
? Land Use - Choose an item.
? Neighborhoods & Housing - Choose an item.
? Parks, Public Spaces & Facilities - Choose an item.
? Transportation - Choose an item.
? Core Services
? Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
TIRZ #5 was created in 2011, it consists of approximately 244 acres in the downtown core. The City and Hays Coun...
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