Agenda

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AI- 42450

Commissioners Court

Meeting Date:	12/12/2016
Fairview TIRZ 1
Submitted By:	Monika Arris
Department:	Budget/Finance
Request Type:	GENERAL

Information

Department Action

Public Hearing, discussion and any action regarding request for County participation in Reinvestment Zone 1 for Tax Increment Financing Pursuant to the Tax Increment Financing Act, Tex. Tax Code Ann. Ch. 311 in Fairview, TX. Request to enter into an Inter-local Cooperation Agreement Participation in Fairview TIF Zone 1 and appoint one (1) member to the Board of Directors of the TIF Zone Number 1.

Purchasing Department Action

No action by Purchasing.

HR and/or IT Action

Budget Department Action

Request from Town of Fairview for TIRZ #1 for Collin County to contribute 50% of the M&O tax increment for a period of 39 years with a maximum reimbursement of $15,709,300 to the Tax Increment Fund for Project Specific Categories.

Fairview Town Council approved creation of this TIRZ Zone #1 (40 years) and approved the Final Project & Financing Plan in December 2015.

Collin County's current M&O tax rate is $0.153195.

Auditor's Office Action

No action by Auditor at this time.

Commissioners Court

Public Hearing - Inter-local Cooperation Agreement for Participation with the Town of Fairview for 50% participation in the Tax Increment Financing Zone Number One, Budget.

Budget Information

Information about available funds

Budgeted:

Funds Available:

Adjustment:

Amount Available:

Unbudgeted:

Funds NOT Available:

Amendment:

Account Code(s) for Available Funds
1:

Fund Transfers

Remarks:

Attachments
Court Order
Interlocal Cooperation Agreement-Fairview TIF District No. 1
Application and Supporting Documentation
Presentation