PRESENTER: Presenter
Jeff Jewell, Economic and Community Development Director
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SUBJECT: Title
Approval of a recommendation by the Tax Increment Reinvestment Zone #3 Board to amend the TIRZ 3 Project and Financing Plan
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DEPARTMENT: Economic and Community Development
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COUNCIL DISTRICTS IMPACTED: 1, 5
BACKGROUND INFORMATION:
In December 2021, the New Braunfels Downtown Tax Increment Reinvestment Zone Project & Finance Plan was finalized. This document identifies the establishment of TIRZ 3, the project plan, eligible improvements, and a financing plan. Page one of the Plan provides a description of the zone and sets the baseline property value as $167,638,727. Staff recently discovered this base value is incorrect and needs to be adjusted to the actual baseline taxable property value of $141,765,876. This corrected value has been provided to the Texas Comptroller’s Office in the most recent annual compliance report. Additional edits to the Plan include:
- Clarifying the description of economic development incentives
- Adding details to economic incentives and parking improvements
- Other corrections to typographical errors
The TIRZ 3 Board met on July 29, 2024 and approved these proposed edits unanimously.
ISSUE:
Errors were identified in the TIRZ 3 Project and Finance Plan; Staff has addressed these edits, the TIRZ 3 Board has approved these corrections, and now the City Council will review and take action.
STRATEGIC PLAN REFERENCE:
☒Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☐Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
This item addresses corrections to an existing Plan; no fiscal impact is anticipated.
Recommendation
RECOMMENDATION:
Staff recommends approval of the TIRZ 3 Board’s approved edits