Title
Receive a Staff Presentation and hold a Public Hearing to receive comments for or against Ordinance 2021-37, amending the project plan for Tax Increment Reinvestment Zone No. 5, also known as the "Downtown TIRZ," approving an amendment to the Tax Increment Participation Interlocal Agreement with Hays County to extend the City's and the County's reduced contribution rate of the tax increment deposited into the Tax Increment Fund from 70 percent to 25 percent for one additional year; authorizing the City Manager or his designee to execute the amendment on behalf of the City; including procedural provisions; and declaring an effective date; and consider approval of Ordinance 2021-37, on the first of two readings.
Body
Meeting date: May 4, 2021
Department: Finance
Amount & Source of Funding
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Fiscal Note:
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City Council Strategic Initiative: [Please select from the dropdown menu below]
Downtown Vitality
Multi Modal Transportation
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
? Economic Development - Diverse Local Economic Environment
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? Land Use - Choose an item.
? Neighborhoods & Housing - Choose an item.
? Parks, Public Spaces & Facilities - Choose an item.
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? Core Services
? Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Downtown Master Plan
Background Information:
A tax increment reinvestment zone ("TIRZ") is a financing tool created by the State Legislature to assist cities and counties in developing or redeveloping unproductive, underdeveloped, or blighted areas. C...
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