Presenter/Contact
Presenter
Jared Werner, Chief Financial Officer
Contact Info
(830) 221-4385 - jwerner@nbtexas.org
Subject Header
SUBJECT:
Title
Public hearing and first reading of an ordinance of the City of New Braunfels, Texas approving the change of boundaries or reinvestment zone number one, City of New Braunfels, Texas; amending the project plan and reinvestment zone financing plan; approving and executing an amendment to the tax increment participation interlocal agreement and an amendment to the phase II tax increment participation interlocal agreement; and other matters in connection therewith.
Body
BACKGROUND / RATIONALE:
The action item is tied to the expansion of the TIRZ boundaries to incorporate a piece of land currently owned by the City of New Braunfels/New Braunfels Utilities. When the opportunity arose for the current NBU operations center on FM 306 to revert to the City (for City purposes), it was determined that this site would be ideal for Fire Station #7 and the proposed Fire Training Center. There are also probable cost savings associated with constructing the facilities on the 306 site as well. The transfer of the site from NBU to the City was approved by City Council at the July 13th regular meeting.
The City also intends to move forward with the debt issuance to support the construction of the facilities before the end of the fiscal year. The TIRZ Board met on July 28 and unanimously approved a resolution amending the boundaries and documents referenced in the above caption. If City Council approves, the County and Developer will then be asked to approve as they are still members of the tri-party agreement. An updated map in included in the attachments that reflects the boundaries of the TIRZ should the additional property be included.
ADDRESSES A NEED/ISSUE IN A CITY PLAN OR COUNCIL PRIORITY:
FISCAL IMPACT:
The expansion of the TIRZ boundaries does not have a fiscal impact. The property to be included is already owned by the City of New Braunfels/New Braunfels Utilities. Therefore, there will be no net impact to the City or TIRZ from this expansion. The amendment to the project and financing plan does not include an expansion of eligible costs. The Fire station and training facility remain the only eligible public facility projects costs.
Recommendation
COMMITTEE RECOMMENDATION:
TIRZ board approved unanimously at their July 28th regular meeting
STAFF RECOMMENDATION:
Approval