Tirz Agreement

No no. A tax unit that was not created by TIRZ but participates in the zone is not required to pay a tax increase to the tax supplement fund after the termination date provided by the regulation, unless the governing body of the participating tax unit enters into an agreement with the city`s governing body that created the zone. Yes, with the agreement of the city. The city`s board of directors and governing body may enter into agreements with other entities to implement the project plan and funding plan. All 380 agreements must be approved by the city council. The administration`s policy is to use these agreements to reimburse the private sector for infrastructure investments approved by the City Council. In some cases, the City Council used TIRZs to conclude 380 agreements. Yes, yes. Money in the fund may be placed temporarily if an agreement is reached with debt or bondholders. Lakeside Village TIRZ Feasibility On January 31, 2019, the City Council held a working meeting and received the final feasibility study on the possible creation of a TIRZ to accelerate the development of the Village of Lakeside. For more information on the final feasibility analysis, see the January 31, 2019 staff presentation and the final study on January 31, 2019. .

For more information, please contact the data analytics and transparency service by email or at 844-519-5672, 6-9231. Plans may be amended if the amendments are adopted by the Board of Directors and approved by the city`s board of directors that created the area. Before approving the amended plans, the governing body must hold a public hearing and approve the amendments by regulation if the amendment is made: the area board of directors sets up the fund to receive all revenues and proceed with all disbursements for the TIF project. A TIRZ cannot be created without justification. As it stands, the region must have a detrimental influence on the economic future of the creative body. In the fall of 2017, Realty Capital, in conjunction with the lakeside Village development zoning application (32 hectares of mixed use), asked the City to consider a potential tax revenue investment zone (TIRZ) to accelerate the development of the Lakeside Village, particularly with respect to infrastructure. At the time, the City did not wish to continue the TIRZ discussion until a land use decision had been made and there was no definitive need. On April 16, 2018, City Council approved the zone application, which paved the way for further TIRZ discussions with Council at the July strategic planning meeting, during which the process, costs, benefits, etc. of a TIRZ were assessed.

Based on the management of the Strategic Planning Session Board and the actions taken by the Council on August 6, 2018, the City entered into a consulting agreement with Hawes Hill Associates (with George Schrader) to conduct a feasibility study. Residents/neighbourhoods/citizen associations will have a new source of funding, limited to their neighbourhood and controlled by their neighbours, to build infrastructure projects within the boundaries of TIRZ. These projects can include water and canal rehabilitation, road repairs, park renovations, sidewalk and sidewalk dam repairs, public lighting, traffic control, landscaping, park development, park and green space improvements, and more, as provided for in Chapter 311 of the Tax Code.