Title
Approving a resolution with the caption reading: Resolution of the City of Pflugerville authorizing Phase 2 supporting the creation of a Tax Increment Reinvestment Zone (TIRZ), establishing a project plan and financing plan.
Summary
A Tax Increment Reinvestment Zone is a financing tool enabled by Chapter 311 of the Texas Tax Code, allowing for cities to set aside incremental tax revenue to fund public infrastructure to encourage new development or redevelopment of an area and attract private investment.
The City entered into a contract with Hawes Hill & Associates on July 22, 2021, providing professional services associated with feasibility analysis and the potential creation of a TIRZ, separated by two phases in the scope of services: 1.) Reinvestment Zone Feasibility & Pre-Creation Activities; and 2.) Creation of the Tax Increment Reinvestment Zone.
Hawes Hill conducted a TIRZ Feasibility Analysis (Phase 1) on behalf of the City to determine whether one or more tax increment reinvestment zones are appropriate in meeting the City of Pflugerville’s goals and objectives to support new development and redevelopment in the Downtown/Pecan Street corridor area and along the SH 45 corridor, west of SH 130.
Goals & Objectives
· CEDS 2.0 - Accelerate job creation by expanding available economic development tools and capacity to utilize them.
· CEDS 2.0 - Accelerate job creation by utilizing incentives strategically to further CEDS 2.0 goals.
· CEDS 2.0 - Create space for business through strategic infrastructure planning and targeted investments and partnering with regional developers and local property owners to accelerate new office and industrial construction.
· Downtown Action Plan - Establish a TIRZ to include the Downtown area to support the construction of public improvements and encourage economic development and the revitalization of Downtown.
· Strategic Plan 2021-2025 - 1.) Maintain efforts to grow job opportunities in the community; 2.) Plan for grow...
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