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REQUEST FOR CITY COUNCILAGENDA ITEM <br />Budget <br />Agenda Date Requested: February 10,2014 <br />Source of Funds: <br />Requested By: Scott D. Livingston <br />Account Number: <br />Department: Administration/Economic Development <br />Amount Budgeted: <br />Report: Resolution: Ordinance: X <br />Amount Requested: <br />Exhibit:Revised TIRZ ProjectPlan <br />Budgeted Item:YES NO <br />Exhibit: Metes and Bounds of the AreaProposedto be <br /> Added to the TIRZ <br /> <br />Exhibit: Proposed Ordinance to Approve and Adopt <br />the Revised TIRZ ProjectPlan <br />SUMMARY & RECOMMENDATIONS <br />NOTE: This item was postponed at the October 28, 2013 Council meeting until December <br />9. This item has been unchanged from the information that appeared in the October <br />th <br />agenda. The public hearing was opened and closed during the October 28meeting and <br />therefore, the items are ready for Council consideration and action.However, the <br />developer has requested that this item be postponed until February 10, 2014. <br />The purpose of this TIRZ Plan Amendment is to provide for the construction of public utilities <br />and storm water detention facilities to accommodate the proposed residential and commercial <br />development project within the proposed enlargement area of the Zone. The enlargement area is <br />located at the northwest corner of Spencer Highway and Sens Road. The tax increment revenue <br />to fund the public improvements will come from the increase in taxable value in the enlargement <br />area of the Zone. <br />According to estimates, the TIRZ project costs (those development costs that will be reimbursed <br />to the developer from TIRZ revenues) are $1,741,849. The project is estimatedto create over <br />$25 million in taxable value and $2.5 million in TIRZ revenues through the end of the term of <br />the TIRZ in 2030. <br />The amendment was presented to the TIRZ board in September 2013and the TIRZ board <br />recommended approval by City Council. <br />The public hearing notice was published in the Houston Chronicle on Monday, October 21, <br />2013, which met the requirement for 7 days notice. The public hearing was opened, held, and <br />closed by the City Council on Monday, October 28, 2013. <br />Action Requiredby the City Council: <br />Consider approval or other action of an Ordinanceto accept and adopt the revised TIRZ Project <br />Plan as recommended by the TIRZ Board. <br />Approved for the City CouncilAgenda <br />Corby D. Alexander, City Manager Date <br /> <br />