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Department: Special Projects
Director: Peter Braster, Director of Special Projects
Agenda Item: Expand TIRZ #5
Recommended Action: Items for Individual Consideration
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Item Summary
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Public Hearing and consideration of an Ordinance to amend the boundary of Tax Increment Financing Reinvestment Zone Number Five of the City of Plano, Texas; approving a Final Project and Finance Plan for Tax Increment Financing Reinvestment Zone Number Five of the City Of Plano, Texas, pursuant to Chapter 311 of the Texas Tax Code; making certain findings; providing that this ordinance shall be cumulative of all ordinances; providing a severability clause; and providing for an effective date.
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Previous Action/Presentation
On January 8, 2024, Council conducted a public hearing and adopted Ordinance No. 2024-1-4 to create of Tax Increment Financing Reinvestment Zone Number Five of the City of Plano, Texas (TIRZ #5).
On August 5, 2026, the TIRZ #5 Board of Directors voted unanimously to recommend both amending the zone boundary and adopting the Final Project and Finance Plan. A map showing the boundary change is attached. In addition, a table comparing the 2024 zone to the proposed amendment is shown with the map.
Background
The Texas Legislature, under Section 311 of the Texas Tax Code, created tax increment financing as a tool that local governments can use to publicly finance projects that will enhance an area's economic vitality. This is accomplished by creating a fund that sifts a portion or amount of tax increment generated from municipal property taxes attributable to the area above the base year's amount. The yearly increment is then deposited into the tax increment fund.
The ordinance under consideration expands TIRZ #5. The duration of the zone remains unchanged at 25 years, and the increment remains 65%. The Final Project and Finance Plan is attached as Exhibit C.
Financial Summary/Strategic Goals
This item has no immediate financial impact. The...
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