· Precursor
Council approves the TIRZ #1 Project and Financing Plan (Ordinance No. 7076)
The plan, dated July 2007, set four goals (convention hotel, urban residential, office/commercial/retail and ballpark/family entertainment venues). The City, Potter County, Amarillo College and the Panhandle Groundwater Conservation District were to contribute 100% of their new incremental property tax; the school district was not to participate and the City was not to contribute sales tax. The plan projected about $102.4 million in gross increment over 30 years ($34.95 million net present value at 6%).[1][2]
What the sources say
- ✓ Verified
The project and financing plan provides for 100% of new incremental property tax from the City, Potter County, the Panhandle Groundwater Conservation District and Amarillo College; it states that the school district will not participate, the City will not contribute sales tax, and all taxing units keep business personal property tax revenue.[1]
- ✓ Verified
The 2007 plan projected (an estimate, not a result) $102,416,785 in gross TIRZ revenue over 30 years, $34,952,746 in net present value at a 6% discount rate, and estimated the public initiatives to be financed by TIRZ revenue at $34 million net present value or $102 million gross.[1]
- Projected gross
- $102,416,785
- Projected npv
- $34,952,746
- Discount rate
- 6%
- ✓ Verified
TIRZ #1 developer agreements recite that on November 13, 2007, under Ordinance No. 7076, the City approved the zone's Project and Financing Plan and amendments to Ordinance No. 7012, and that the City delegated to the zone powers to make agreements serving four goals: a convention hotel, urban residential development, office/commercial/retail development, and ballpark/family entertainment venues.[2][3]