Title
Approving an ordinance on second reading with the caption reading: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PFLUGERVILLE, TEXAS, DESIGNATING THE METHOD OF DETERMINATION OF THE AMOUNT OF THE TAX INCREMENT FOR REINVESTMENT ZONE NO. ONE, CITY OF PFLUGERVILLE, TEXAS; PROVIDING A CUMULATIVE CLAUSE; PROVIDING FOR SEVERABILITY; PROVIDING FOR PROPER NOTICE AND MEETING; AND PROVIDING FOR AN EFFECTIVE DATE.
Summary
When Ordinance 2010-0243 was adopted on December 14, 2010 to create Reinvestment Zone No. 1 (Falcon Pointe TIRZ), the method of calculating the amount of the increment for the tax increment reinvestment zone (TIRZ) was not specified. The amount that is remitted annually to the TIRZ can either be the amount of the property tax levied and assessed within the TIRZ, or the amount of property tax levied and collected within the TIRZ. Staff is recommending that the collected value of property tax method be used for Reinvestment Zone No. 1 in the City of Pflugerville.
On April 18, 2012, the TIRZ Board voted unanimously to recommend approval of this ordinance.
The ordinance was approved by the City Council on first reading on May 8, 2012.
Deadline for City Council Action
Action on second and final reading is requested on May 22, 2012. There is no deadline for action on this item, although the payment of an approximately $535 increment to the TIRZ from the CIty is pending approval of the method of allocation.
Fiscal Impact
The value of the increment for fiscal year 2012 is approximately $535 and will be remitted to theTIRZ from the City following the decision regarding the allocation method.
Staff Recommendation
Staff recommends approval of this ordinance on second and final reading.
Drafter
Lauri Gillam
Assistant City Manager