PRESENTER: Presenter
Jeff Jewell, Economic and Community Development Director
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SUBJECT: Title
Presentation, discussion, and possible action to amend the TIRZ 3 Project & 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 taxable property value as $167,638,727. Staff recently discovered this base value is incorrect and needs to be adjusted to its 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. Detail about eligible parking improvements and economic development incentives have also been added to the Plan.
Approval of this item will allow the existing Project & Finance Plan, the document establishing TIRZ 3, to be corrected. The amended Plan will be presented for City Council approval at a future date.