Posting Language
Title
Conduct a public hearing and approve an ordinance approving project and financing plans for Tax Increment Reinvestment Zone No. 20 (TIRZ No. 20); amending Ordinance No. 20221103-026 to amend the termination provision and the tax increment for TIRZ No. 20; repealing duplicate Ordinance No. 20221103-004; and providing for emergency passage.
De
Lead Department
Financial Services Department.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
November 3, 2022 -Council approved Ordinance No. 20221103-026 creating the Tax Increment Reinvestment Zone No. 20 for the Colony Park Sustainable Community, and establishing a Board of Directors for the Zone, and related matters. Council approval also included approval for the Colony Park Preliminary Project and Financing Plan.
For More Information:
Ed Van Eenoo, Chief Financial Officer, 512-974-2638; Kimberly Olivares, Deputy Chief Financial Officer, 512-974 2924.
Additional Backup Information:
The City of Austin, Texas, a Texas home-rule municipality has the authority under Chapter 311, Texas Tax Code, Tax Increment Financing Act to designate a contiguous or noncontiguous geographic area within the City corporate limits as a tax increment reinvestment zone to promote development or redevelopment of the area.
The City created TIRZ No. 20 on November 3, 2022, to facilitate development of the Colony Park Sustainable Community, by financing the costs of public works, public improvements, programs, and other projects benefiting TIRZ No. 20, plus other costs incidental to those expenditures.
The eastern crescent of the TIRZ has historically suffered from inequity and lack of financial investment resulting in infrastructure issues. Portions of the property substantially impair and arrest the sound growth of the City because these portions are predominately unproductive or underdeveloped due to factors such as the lack of and aging of public infrastructure and the need for economic incentive to attract development to the TIRZ for the purpose of providing long-term economic benefits including, but not limited to, increased real property tax base for all its taxing units. Due to its size, location, and physical characteristics, development will not effectively occur solely through private investment in the foreseeable future.
The Colony Park Sustainable Community master plan strives to provide a mix of housing (both single family and multifamily), commercial space, a transit center, and a town center. The property is currently a Planned Unit Development zoning district, allowing commercial, income residential, and civic/institutional uses. Proposed public improvements include new and refurbished public multi-modal roadways, regional water quality and drainage infrastructure, public water, wastewater, and electrical utilities, streetscapes, parks, trails, and open spaces.
This item will approve a project and financing plan for TIRZ No. 20 and amend Ordinance No. 20221103-026 by extending the termination date to December 31, 2053, and setting the tax increment for TIRZ No. 20. at 85%. It will also repeal Ordinance No. 20221103-004 which is identical to Ordinance No. 20221103-026 and was approved in error. The repeal of Ordinance No. 20221103-004 will have no effect on TIRZ No. 20.