Title
Continue a public hearing and consider approving an ordinance on first reading regarding the creation of a Tax Increment Reinvestment Zone (TIRZ) number two to include NorthPointe West development and the Downtown area.
Summary
In September 2018, the City Council approved a Downtown Action Plan by Resolution, resolving to expand upon opportunities and provide for the implementation of the 2009 Old Town Pflugerville Vision Report in support of revitalization of downtown and to provide for a balance of opportunities to live, learn, work and play. Within the Action Report, various tasks are outlined that set the foundation for revitalization of Downtown. One of the immediate goals was creation of a Tax Increment Reinvestment Zone (TIRZ) for the Downtown to help promote these efforts. A TIRZ will provide for the establishment of a separate fund, which captures the increase in ad valorem of property tax revenue within the Zone over time, to fund public improvement benefitting the Zone.
NorthPointe (West of SH130), is a proposed project located at the northwest corner of Pflugerville Parkway and SH130 that proposes development as a high density mixed use project. Aligning the efforts of these projects emphasizes the importance of Downtown to the vibrancy of the overall community and will allow for the future tax increment to be utilized on identified public projects within Downtown, as well as NorthPointe.
This item is to conduct a public hearing regarding on the creation of the TIRZ Number Two for the Downtown area as well as NorthPointe West. The Zone will consist of approximately 335.2 acres in total one part (106.7 acres) is made up of the NorthPointe West project located at the northwest corner of Pflugerville Parkway and SH130 and the other part (228.5 acres) is the Downtown which is generally located along FM1825/Pecan Street between Heatherwilde Boulevard and FM685 and along Railroad Avenue, north of Pfluger Street, East of 10th Street and Meado...
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