In 2006 the City Council approved Ordinance 6-T-61 creating the Tax Increment Reinvestment Zone (TIRZ) #2 which is known as the Sedona/Crossvine TIRZ. Initially, it was intended to run until 2027 and had an area of approximately 825 acres. In addition to the City of Schertz, Bexar County and the San Antonio River authority participate in the TIRZ #2. The developer of the Crossvine approached the City about extending the TIRZ #2 to 2041 and expanding the boundaries to 952 acres. On September 22, 2020, the City Council approved Resolution 20-R-107 authorizing an Amended Development Agreement, Project/Financing Plan and Interlocal Agreement.  These items were recommended for approval by the TIRZ Board on August 21, 2020. These documents incorporate the extension and expansion. 
State Law requires the extension and expansion to be approved by Ordinance. As such, Staff is requesting City Council approve Ordinance 20-T-39 authorizing the extension and expansion as reflected in the approved Amended Development Agreement, Project/Financing Plan and Interlocal Agreement.

Provide for the continued high quality of development in the TIRZ by responding to changing economic and land use conflicts by amending the term of the TIRZ #2 and boundaries.  

The approval of the amendment allows for the orderly and high quality development of the area and responds to the unique issues and challenges of the economy and the area.

Approval of Ordinance 20-T-39 authorizing the extension and expansion of the TIRZ #2 in conjunction with the recently approved Project and Finance Plan, Interlocal Agreement and Development Agreement.

The extension of the TIRZ #2 boundaries allows for a longer period of time for the developer to receive the maximum reimbursement and the expansion of the boundaries allows the increment to be collected from a larger area.

Staff recommends approval of Ordinance 20-T-39.