BACKGROUND (Continued) The potential public improvements, based on an estimated budget of approximately $432.5 million (net present value of $182.9 million in 2014 dollars) would include:
Infrastructure improvements Grants for economic development Acquisition of land for public open space Administration and implementation
Pursuant to the TIF Act, before adopting an ordinance designating a tax increment reinvestment zone, the City must hold a public hearing and provide a reasonable opportunity for the owner of property to protest the inclusion of the property in the proposed reinvestment zone. Today’s action authorizes the setting of the public hearing on May 14, 2014 and directs City staff to give notice of the public hearing in a newspaper having general circulation in the City. Today’s action to set the public hearing date does not commit the City to designate the proposed tax increment reinvestment zone. After the close of the public hearing on May 14, 2014, the City shall consider an ordinance creating a TIF reinvestment zone to be known as "Tax Increment Financing Reinvestment Zone Twenty, City of Dallas, Texas" (also referred to as the Mall Area Redevelopment TIF District). State law requires TIF reinvestment zones for the City to be numbered consecutively based on the date the zone is created; accordingly, the zone number for the Mall Area Redevelopment TIF District will be assigned at the time the ordinance is approved. It is anticipated that the ordinance will provide for the Mall Area Redevelopment TIF District to terminate on the earlier of 30 years or the date on which all project costs have been paid in full, whichever occurs first. PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS) On April 7, 2014, a briefing was provided to the Economic Development Committee to consider the designation of the Mall Area Redevelopment TIF District. FISCAL INFORMATION No cost consideration to the City MAP Attached.
Agenda Date 04/23/2014 - page 3