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AI# 12905  Regular City Council Meeting 7.13. 10/08/2024:

Information

Agenda Item

Public Hearing - Business Development: Hold a public hearing for the City Council to consider the creation of a Tax Increment Reinvestment Zone for the North Park development area, whose boundaries include approximately 332.8 acres of land in a portion of the City of Lubbock, Lubbock County, Texas, generally bounded by Erskine Street to the north, North Winston Avenue to the east, West Loop 289 to the south, and Frankford Avenue to the west.

Item Summary

The purpose of this public hearing is to present information to the City Council regarding the advisability of establishing a Tax Increment Financing (TIF) reinvestment zone pursuant to Chapter 311 of the Texas Tax Code, and to provide an opportunity for public comment in favor of, or in opposition to, the creation of the district, its boundaries, or the concept of tax increment financing. The City Council approved the calling of the Public Hearing at the September 24, 2024 City Council Meeting. A notice of the Public Hearing was published in the Lubbock Avalanche Journal on September 27, 2024, as required by the Act.  The proposed North Park TIF includes approximately 332.8 acres of land in a portion of the City of Lubbock, Lubbock County, Texas, generally bounded by Erskine Street to the north, North Winston Avenue to the east, West Loop 289 to the south, and Frankford Avenue to the west. The purpose of the district is to facilitate development and / or redevelopment by financing the costs of public works, public improvements, and other projects benefiting the district, as well as other costs incidental to those expenditures. Section 311.005(a)(4) of the Tax Code states that an area is eligible to be designated as a Tax Increment Financing reinvestment zone if it is:  In an area described in a petition requesting that the area be designated as a reinvestment zone, if the petition is submitted to the governing body of the City by the owners of property constituting at least fifty percent (50%) of the appraised value of the property in the area according to the most recent certified appraisal roll for the county in which the area is located.  A petition has been received and verified as meeting the requirements by City of Lubbock staff. The next step in the creation process will be for the City Council to adopt a Creation Ordinance, where they will make the following findings:  The petition has been submitted to the City by the owners of property constituting at least 50% of the appraised value of Property within the Zone;  The improvements in the Zone will significantly enhance the value of all the taxable real property in the Zone and will be of general benefit to the City; and That the Zone meets the requirements of Section 311.005 of the Act.

Fiscal Impact

None

Staff/Board Recommending

Bill Howerton, Deputy City Manager  Brianna Brown, Business Development Director

Attachments TIF District Map

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