Ord 2011-074 - TIRZ 5 - Laserfiche WebLink

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TEXAS TAX CODE SUBTITLE B. SPECIAL PROPERTY TAX PROVISIONS CHAPTER 311. TAX INCREMENT FINANCING ACT Sec. 311.011. PROJECT AND FINANCING PLANS (a) The board of directors of a reinvestment zone shall prepare and adopt a project plan and a reinvestment zone financing plan for the zone and submit the plans to the governing body of the municipality or county that designated the zone. (b) The project plan must include: (1) a description and map showing existing uses and conditions of real property in the zone and a map showing proposed uses of that property; (2) proposed changes of zoning ordinances, the master plan of the municipality, building codes, other municipal ordinances, and subdivision rules and regulations, if any, of the county, if applicable; (3) a list of estimated non- project costs; and (4) a statement of a method of relocating persons to be displaced, if any, as a result of implementing the plan. (c) The reinvestment zone financing plan must include- (1) a detailed list describing the estimated project costs of the zone, including administrative expenses; (2) a statement listing the proposed kind, number, and location of all proposed public works or public improvements to be financed by the zone; (3) a finding that the plan is economically feasible and an economic feasibility study; (4) the estimated amount of bonded indebtedness to be incurred; (5) the estimated time when related costs or monetary obligations are to be incurred; (6) a description of the methods of financing all estimated project costs and the expected sources of revenue to finance or pay project costs, including the percentage of tax increment to be derived from the property taxes of each taxing unit anticipated to contribute tax increment to the zone that levies taxes on real property in the zone; (7) the current total appraised value of taxable real property in the zone; (8) the estimated captured appraised value of the zone during each year of its existence; and (9) the duration of the zone. Ci of San Marcos Zone No. 5 Project Plan and Financing Plan 7 Draft 11/10/2011 Project and Finance Plan The purpose of Zone No. 5 is to pay or reimburse a developer of the Hays County Justice Center for costs associated with the construction and redevelopment by the developer of the Justice Center site /building. Expenditures associated with the design and construction of Zone No. 5 Projects, as well as other specific project- related costs, will be funded by tax increment revenues derived from increases in property values resulting from the new development in Zone No. 5. If Hays County does not dispose of the Justice Center through the process described above, the City will amend this Project and Finance Plan as may be necessary in accordance with law to accommodate the other redevelopment goals and projects outlined under "Project Overview and Project Costs."