Tax Increment Reinvestment Zone
Tax increment financing is an economic development tool available to local governments to finance needed public improvements within a defined area. The improvements usually are undertaken to promote the viability of existing businesses and to attract new commercial enterprises to the area. The cost of improvements to the area is repaid by the contribution of future tax revenues by each taxing unit that levies taxes against the property. Specifically, each taxing unit can choose to dedicate all, a portion of, or none of the tax revenue that is attributable to the increase in property values due to the improvements within the reinvestment zone.
- Boundary Map
- Project Plan
- Finance Plan
- Feasibility Analysis
- Interlocal Agreement with Denton County
- Ordinance 78-05
- 2019 Annual Report
- Agenda Minutes
Lakeside Village TIRZ Feasibility
On January 31, 2019, Town Council held a Work Session and received the final feasibility study regarding the potential creation of a TIRZ to assist in the acceleration of development of the Lakeside Village Development.
For more information on the Final Feasibility Analysis, please view the January 31, 2019 Staff Presentation and Final Study provided below.
- Town Council Work Session Presentation TIRZ Feasibility 1.31.19
- Lakeside Village TIRZ Feasibility 2.1.19
On December 17, 2018, Town Council received a draft feasibility study related to the potential creation of a TIRZ District to assist in the acceleration of development of the Lakeside Village mixed-use development, funding approximately $20,550,727 in public infrastructure costs and amenities. As a result of the discussion surrounding the feasibility analysis, Town Staff will conduct additional research and bring forward to Town Council for further discussion at an upcoming Work Session.
- Lakeside Village TIRZ Feasibility Analysis
- Lakeside Village TIRZ Feasibility Presentation 12-17-18
- Staff Report-TIRZ Feasibility Analysis 12-17-18
Consulting Contract-Phase II (for TIRZ Creation)
Awarded to Hawes Hill & Assoc. with George Schrader (March 4, 2019)
Based on the original RFP (Request for Proposal) for TIRZ consulting services, Hawes Hill was the chosen firm to conduct both the feasibility analysis (Phase I) and creation of the TIRZ (Phase II); however, Staff did not pursue the Phase II contract until the development was deemed feasible. Hawes Hill was selected based on their approach, professionalism of response, qualifications, directly related experience in the area, overall experience of the firm and their key personnel assigned to this study, anticipated services, and estimated fees. A breakdown of Staff’s analysis of the responses is attached for reference.
Moving forward with the consideration of creation of a TIRZ, Town Council approved the second consulting contract with Hawes Hill & Associates to create the Tax Increment Reinvestment Zone, which will include development of the required Project & Financing Plan and associated administrative services.
The subject consulting contract in no way obligates the Town to create a TIRZ, but will provide the Town with the necessary documentation to formally consider implementation of a TIRZ.
For additional information, below please view the March 4, 2019 Staff presentation to Town Council and the executed contract between the Town and HawesHill & Associates for the Phase II services.
Consulting Contract-Phase I (for TIRZ Feasibility Study)
Awarded to Hawes Hill & Assoc. with George Schrader (August 6, 2018)
In the fall of 2017, in conjunction with the zoning application for the Lakeside Village development (32-acre mixed-use development), Realty Capital requested the Town’s consideration of the creation of a potential Tax Increment Reinvestment Zone (TIRZ) to assist in the acceleration of development of Lakeside Village, specifically related to the infrastructure. At that time, the Town did not wish to pursue the TIRZ discussion until a land use decision had been reached and a need definitively existed. On April 16, 2018, Town Council approved the zoning request, which paved the way for further TIRZ discussions with Council during their Strategic Planning Session in July, where the process, costs, benefits, etc. of a TIRZ, were evaluated. Based on Council’s direction from the Strategic Planning Session and action taken by the Council on August 6, 2018, the Town entered into a consulting contract with Hawes Hill & Associates (with George Schrader) to conduct a feasibility study.
The subject consulting contract in no way obligates the Town to create a TIRZ, but will provide the Town with the financial data needed to evaluate the feasibility of the TIRZ as it relates to development in this area.
For additional information, please view the August 6, 2018 Staff presentation to Town Council below.