Title
Discuss and consider action to approve an ordinance on second reading with the caption reading: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PFLUGERVILLE, TEXAS, AMENDING REINVESTMENT ZONE NO. ONE TO INCLUDE ADDITIONAL PROPERTY WITHIN THE CITY OF PFLUGERVILLE, TEXAS; ESTABLISHING THE NEW BOUNDARIES THEREOF AND OTHER MATTERS RELATING THERETO, INCLUDING ESTABLISHING THE DURATIONAL TERM, APPROVING THE FIRST AMENDED PROJECT PLAN AND REINVESTMENT ZONE FINANCE PLAN AND ADJUSTING THE TAX INCREMENT BASE THEREOF; REPLACING ALL ORDINANCES IN CONFLICT; CONTAINING SEVERABILITY AND REPEALER CLAUSES; AND PROVIDING FOR AN EFFECTIVE DATE.
Summary
The Reinvestment Zone (TIRZ) No. One was originally created in December 2010 in support of public improvements on the east side of SH130 in conjunction with the Falcon Pointe development. This item proposes to expand the existing TIRZ to cover the boundary known as the Pecan District (generally the southwest corner of Heatherwilde Boulevard and Pecan Street) and a portion of Pecan Street from Central Commerce to Swenson Farms Boulevard.
The Pecan District is a proposed mixed use development which is proposed to be completed in ten phases. The first five phases of the Pecan District are the phases anticipated to be supported by the TIRZ and include 862 residential dwelling units, 135,095 square feet of retail and 321,806 square feet of office. In accordance with Ordinance No. 1280-16-08-23 which approved the Planned Unit Development associated with the project, no more than 500 residential units of any type shall be built until at least 50,000 square feet of commercial space is built. Commercial space is defined as “useable building square footage” associated with a hotel, office, retail, or similar use, and does not include parkland, open space, parking, or other ancillary components of a non-residential use, and does not include live/work units.
The proposed expansion will extend the terms of the TIRZ to December 31, 20...
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