City Commission is requested to consider the approval of the creation of a Tax Reinvestment Zone near the northwest corner of I-45 and Century Blvd. 

The creation of a Tax Reinvestment Zone is required prior to the city entering into a Tax Abatement under Chapter 312 of the Texas Property Tax Code and the City's Tax Abatement Guidelines or the property must be located within an Enterprise Zone (this is site is not within an Enterprise Zone nor an existing Tax Reinvestment Zone. The creation of the reinvestment zone allows the city commission, after a public hearing, to determine if this area is in need of some assistance such as a tax abatement to spur development.  Following is what is needed to be found according to the Tax Abatement Guidelines for the creation of a Tax Reinvestment Zone:
(1) That the improvements sought are feasible and practical;
(2) That the improvements sought would be a benefit to the land to be included in the zone and to the City after the Agreement entered into with the Owner has expired;
(3) That the area of the proposed Reinvestment Zone is reasonably likely, as a result of the designation, to contribute to the retention or expansion of primary employment or to attract major investment in the zone that would be a benefit to the property;
(4) That the improvements sought would contribute to the economic development of the City; and
(5) That the improvements sought would rehabilitate existing property.
City Commission must determine after the public hearing that the site (26.150 acres) meets the above.
Del Papa indicates that is has a long history and success that would allow this site, if a Tax Reinvestment Zone is Created and a Tax Abatement is granted, to meet the criteria above.  This land has been dormant for and vacant for years.  The current owner has indicated and discussed with staff possible activities and interested parties, but has not been able to sell or develop the property.  The lack of Water and Sewer makes this site difficult to develop.  In addition, to more fully develop the property in line with the Comprehensive Plan and not retail, incentives to initiate development that creates primary jobs appear to be needed.  Del Papa feels it can provide that stimulus.

Attached is site map indicating the location, a survey of the property proposed to be within the Tax Reinvestment Zone, and the legal description.

See Reinvestment Zone Criteria attached.