Title
Approving an ordinance on second reading with the caption reading: An ordinance of the City of Pflugerville, Texas, approving the second amendment to 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 forgoing subject.
Summary
Subject to a public hearing as prescribed in Chapter 311.011(e) of the Texas Tax Code, the purpose of this item is amend Project Plan and Reinvestment Zone Financing Plan to assign the Colorado Sand Drive (Segment B, Phase 2) to the City of Pflugerville.
Last fall, General Obligation Bonds were authorized by an election to fund this project at a projected cost of $4,290,000. The project was one of four included in the election for a total of $21.4 million.
The current project plan shows $800,000 plus right of way acquisition costs to be determined.
As required, the Reinvestment Zone No. One Board approved this amendment on August 5, 2019.
Prior City Council Action
The City Council approved the Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number One by Ordinance No. 1094-11-11-22 on November 22, 2011.
The City Council approved the first amendment to the Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number One by Ordinance No. 1153-13-09-10 on September 10, 2013.
The City Council approved an amendment of Reinvestment Zone Number One to include additional property and to establish new boundaries and approved the first amended project plan and finance plan by Ordinance 1380-18-12-11 on December 11, 2018.
The City Council held a public hearing and approved this ordinance on first reading on August 27, 2019.
Deadline for City Council Action
Action on second reading is requested on September 10, 2019.
Funding Expected: Revenue __ Expenditure __ N/A _x_
Budgeted Item: Yes __ No __ N/A _x_
Amount: ________...
Click here for full text