HomeMy WebLinkAboutTax Increment Finance (TIF)-Agenda Packets-1/22/2002 (3)
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COLLEYVILLE TIF
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'w' AGENDA BRIEFING
For mtg. : I 01/22/02
Item # :
2
Previous Action: None
SUBJECT:
Approval of the Tax Increment Reinvestment Zone
#1 Capital Improvement Program
Backqround
The City Council and the Tax Increment Financing District Board held a joint
worksession on January 9, 2002, to provide an opportunity for Jim Sabonis, Financial
Advisor, First Southwest Company, to present an overview of the proposed TIRZ #1
Capital Improvement Program, which included the following:
. Review of The Village at Colleyville TIF Program
. Review of the Non-Village/ Non-Town Center TIRZ#1
. Risk Assessment Based on TIRZ#1 January 1, 2002, Tarrant Appraised
Valuation of $39,727,401 and Three Year TAV Forecast
. Revised TIRZ#1 Project Plan
. Appendix of Proposed Town Center Colleyville TI F Program
The Tax Increment Reinvestment Zone #1 Capital Improvement Program does not
require any additional financial participation from our TIF partners.
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CITY MANAGER
DEPARTMENT HEAD
FINANCE DIRECTOR (IF NECESSARY)
Recommendation
Approval
Attachments:
· Review of the TIRZ #1, dated January 9, 2002 (paper copy only)
. Resolution R-02-1897
Agenda Briefing
R-02-02
Page 2 of 2
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RESOLUTION R-02-2
A RESOLUTION APPROVING THE TAX INCREMENT REINVESTMENT
ZONE #1 CAPITAL IMPROVEMENT PROGRAM
WHEREAS,
the City of Colleyville Tax Increment Reinvestment Zone #1
was established as a means of providing incentives to
private developers to build commercial projects within the
SH26 corridor; and
WHEREAS,
the Colleyville Tax Increment Financing District Board
desires to support the City of Colleyville Tax Increment
Reinvestment Zone (TIRZ) #1.
NOW, THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT
FINANCING DISTRICT BOARD OF DIRECTORS OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec. 1. THAT the attached Tax Increment Reinvestment Zone #1 Capital
Improvement Program (Exhibit A) is hereby approved.
AND IT IS SO RESOLVED.
. PASSED AND ADOPTED, this January 22, 2002.
TAX INCREMENT FINANCING DISTRICT
BOARD OF DIRECTORS
Chairman
ATTEST:
Secretary
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