Share to Facebook Share to Twitter Bookmark and Share
File #: 16-1174    Version: 1 Name: Ordinance - Historic District TIRZ #5
Type: Agenda Item Status: Approved
File created: 7/28/2016 In control: City Council
On agenda: 8/9/2016 Final action: 8/9/2016
Title: Consider and take action on Ordinance No. 2016-26 designating and describing the boundaries of a tax increment reinvestment zone #5 (Historic District TIRZ), City of League City Texas, establishing the duration of the zone; establishing a tax increment fund; establishing a board of directors for the tax increment reinvestment zone; making certain findings and other matters related thereto; and proving an effective date - Second Reading (Asst. to the City Manager) Council approved first reading 7-1-0 on July 26, 2016.
Attachments: 1. Data Sheet, 2. Ordinance No. 2016-26, 3. Metes and Bounds Description, 4. Map

Title

Consider and take action on Ordinance No. 2016-26 designating and describing the boundaries of a tax increment reinvestment zone #5 (Historic District TIRZ), City of League City Texas, establishing the duration of the zone; establishing a tax increment fund; establishing a board of directors for the tax increment reinvestment zone; making certain findings and other matters related thereto; and proving an effective date - Second Reading (Asst. to the City Manager)

 

Council approved first reading 7-1-0 on July 26, 2016.

 

Background:

Approval of this ordinance will create the City of League City Tax Reinvestment Zone #5 (Historic District TIRZ).  This ordinance will establish a thirty-year duration for the proposed zone, expiring December 31, 2046; provide for a board of directors for the zone; establish a tax increment fund for the zone; and make findings that the zone’s projected improvements are of general benefit to the City, and that the zone meets the statutory criteria and requirements for a reinvestment zone.  

 

The main focus of the Historic District TIRZ will be the improvement of core infrastructure projects, including the burying of overhead utilities, the reconstruction of infrastructure, street-scaping enhancements, and mixed use development.

 

Attachments:

     1.  Data Sheet

     2.  Ordinance No. 2016-26

     3.  Metes and Bounds Description

     4.  Map

 

                                     

FUNDING

{ X } NOT APPLICABLE

{  } Funds are available from Account #___________________________                                          

{  } Requires Budget Amendment to transfer from Account #____________to Account # ___________________