Title
Approving an ordinance on second reading with the caption reading: AN ORDINANCE OF THE CITY OF PFLUGERVILLE, TEXAS, APPROVING THE PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN FOR REINVESTMENT ZONE NUMBER ONE, CITY OF PFLUGERVILLE, TEXAS; AUTHORIZING THE CITY SECRETARY TO DISTRIBUTE SUCH PLANS; CONTAINING VARIOUS PROVISIONS RELATED TO THE FOREGOING SUBJECT.
Summary
The City Council conducted a public hearing and approved the ordinance on first reading at their regular meeting on November 8, 2011. The Tax Increment Reinvestment Zone (TIRZ) Board approved the project plan and reinvestment zone financing plan on October 19, 2011, subject to approval of the same by the City Council. The project plan proposes capital improvements to be implemented by the City of Pflugerville and Newland Communities (developer). City projects include the extension of Colorado Sand Drive south from Kelly Lane, with connectivity to Murchison Elementary and FM 685. Developer projects include the the extension of Colorado Sand Drive northwest from Pflugerville Parkway and the construction of Lonestar Blvd into Falcon Pointe subdivision. In order to support further development of the area, the project plan also includes a lift station and semi-regional detention pond. The segment of Colorado Sand Drive (Segment B Phase 2) between the City's portion and the Developer's portion is included, but construction is not anticipated at this time. The projects are shown on Exhibit D within the plan and as a result would be eligible for reimbursement.
The reinvestment zone financing plan includes elements required by statute: the estimated project costs within the Zone, which is $12,500,000; an economic feasibility study; an estimate of bonded indebtedness; an estimate of time when costs and monetary obligations are incurred; and, a method of financing. The current appraised value of real property in the zone based on 2010 certified values is $6,554,896. The estimated captured appraised...
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