HomeMy WebLinkAboutTax Increment Finance (TIF)-Agenda Packets-2/6/2006 (3)
Update of Colleyville TIF District
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MEMORANDUM
Office of City Manager
TO:
FROM:
SUBJECT:
DATE:
Colleyville TIF Board
Bill Lindley
Current projects
January 28, 2006
Several projects are currently being reviewed or under design that are
components of the Colleyville TIF project plan. The following is a brief summary
update.
Church Street (SH26 west to Pleasant Run)
The City is under contract for the sale of property at the corner of SH26 and
Church Street. Terms of the sale include the buyer being responsible for the
construction of the intersection west to the property line. Sale proceeds will be
used, in augmentation with funding provided by the TIF, for the construction of
the remaining portion of the road. Staff is in discussions with the property owner
immediately to the west of the City property for ROW acquisition. Depending on
the amount of ROW we are able to secure, the road may initially be built with
only two lanes. While submitted for possible County Bond consideration, the
project was not recommended for inclusion by their study committee.
Bogart Road (SH26 west to Pleasant Run)
The City submitted to Tarrant County funding for this project. The study
committee did make recommendation for the project. The Tarrant County
Commissioners Court is currently evaluating projects for possible inclusion in a
bond election. The City would be obligated to provide fifty percent of funding if
the project is included with the County bond issue.
Fire Station (SH26 at Professional Court)
The City Council selected property we currently own on SH 26 to construct a fire
station. The property was previously purchased by the City several years ago for
development plans related to a Police Station.
SH 26
TxDOT is continuing plans for construction of the highway for late 2007. The
Highway Department is currently in the process of beginning acquisition of ROW.
There are approximately 135 separate parcels of land identified for land
acquisition. It is estimated that the City will need to provide the local match for
the project, provided by the TIF, in early 2008.