Council creates Tax Increment Reinvestment Zone Number One downtown (Ordinance No. 7012)
Ordinance No. 7012, passed on first reading December 12, 2006 and on second and final reading December 19, 2006, designated Tax Increment Reinvestment Zone Number One under Chapter 311 of the Tax Code. It set the zone to end on the earlier of December 31, 2036, an earlier date set by ordinance, or full payment of project costs and tax increment bonds; set the tax increment base at $133,250,377 as of January 1, 2006; created a nine-member board; and dedicated 100% of the City's tax increment to the zone's fund. The board may not issue bonds, levy taxes or use eminent domain.[1]
Ordinance No. 7012 designating Tax Increment Reinvestment Zone Number One was introduced and passed on first reading December 12, 2006 and passed on second and final reading December 19, 2006, after a December 12, 2006 public hearing; it created a nine-member board and dedicated 100% of the City's tax increment to the zone's tax increment fund.[1][2]
Board members
9
City increment
100%
⚠ Sources differ
Sources give different figures for the zone's 2006 tax increment base.
Ordinance No. 7012 Section 4 (zone ends on the earlier of December 31, 2036, an earlier ordinance date, or payoff of project costs and bonds); the plan's terms page calls it a 30-year term ending December 31, 2036.
City annual financial reports say TIRZ #1 was created in fiscal 2007 (the year beginning October 1, 2006).
✓ Verified
Under Ordinance No. 7012 and the plan, the TIRZ #1 board may not issue bonds, impose taxes or fees, exercise eminent domain, or give final approval to the zone's project and financing plan; the City Council approves the TIRZ #1 budget and projects and issues debt on its behalf.[1][6]