1999-02-01Special Called Workshop of City Council

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DRAFT _ e 2. be re81sonably likely to increase the aggregate taxable value of property within the Zone by at least twenty (20%) percent during the life of the Zone; and 3. provide adequate infrastructure improvements to serve the Zone, including but not limited to streets, water and waste water facilities, and drainage structures, designed and constructed according to City standards; and 4. provide relocation assistance for low/moderate persons resident in the Zone who may be displaced by the implementation of the project plan (as defined by 311.002(2) of the Tax Code), and as such persons are defined by the U.S. Department of Housing and Urban Development. C. Procedures for Creating a Reinvestment Zone 1. Before adopting and ordinance providing for a Reinvestment Zone, these actions must occur, in the following sequence: a. City Council must schedule a public hearing to allow public comment on the proposed Zone. Notice of this hearing must be published in a newspaper having general circulation in the City at least seven (7) days prior to the hearing. b. At least sixty (60) days before the scheduled public hearing, City Council must notify in writing the other taxing jurisdictions that levy real property taxes in the Zone that it intends on establishing a Zone. This notice must contain: 1. a description of the proposed boundaries of the Zone; 2. tentative plans for development or redevelopment of the zone; 3. an estimate of the general impact of the proposed Zone on property values and tax revenues. c. A Preliminary Financing Plan must be prepared and sent to the other affected taxing jurisdictions. D. Powers of the Zone 1. The Cily may authorize by ordinance the enforcement of land use controls authorized by statute subject to the following: a. Subject to the approval of the City Council, the board of the Zone may adopt additional powers granted by the provisions of state law found in Chapter 211, Local Government Code necessary to 4