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AI# 12825  Regular City Council Meeting 6.8. 09/24/2024:

Information

Agenda Item

Resolution - Business Development: Consider a resolution accepting a petition to create a tax increment reinvestment zone pursuant to Texas Tax Code Sec.311.005(a)(4) to be called Tax Increment Financing District No. 4, located in the North Park Development area, approximately described as the area east of Frankford Avenue, south of Erskine Street, north of West Loop 289 and west of N. Winston Avenue and set a public hearing regarding same.

Item Summary

The City of Lubbock received a petition from property owners requesting that the City of Lubbock establish a Tax Increment Financing District (TIF) for the proposed North Park Development area. The area covers approximately 332.8 acres.  The petition received by the City of Lubbock was signed by property owners of at least fifty percent (50%) of the total appraised value for the area. The petition has been examined, verified, and found to meet the requirements of Chapter 311 of the Texas Tax Code, and to be sufficient for consideration by the City of Lubbock.  Before consideration of an Ordinance to create the TIF District, the City Council must hold a public hearing on the creation of the zone, and its benefits to the City and to the property proposed in the zone. This resolution calls for the public hearing to be held on October 8, 2024. If the City Council approves this resolution, a notice of public hearing will be published in the Lubbock Avalanche Journal  before the 7th day before the public hearing, as required by the statute.

Fiscal Impact

None

Staff/Board Recommending

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

Attachments Resolution Petition

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