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Northlake council approves expansion of TIRZ No. 2, annexation and rezoning to clear path for industrial park
Summary
The council unanimously approved amending Tax Increment Reinvestment Zone (TIRZ) No. 2 to add about 156 acres tied to roughly $21.4 million in public improvements, then annexed and rezoned that parcel for industrial planned development; staff said the TIRZ and a newly formed freshwater supply district will fund projects and that the TIRZ pays only what it produces.
The Northlake Town Council on Oct. 9 approved a package of actions to expand Tax Increment Reinvestment Zone (TIRZ) No. 2, annex approximately 155–156 acres and rezone the parcel for industrial planned development to accommodate a proposed warehouse project.
Nathan (town staff) presented the amended project and financing plan for TIRZ No. 2, saying the amendment would add about 156 acres planned by Provident Industrial, extend the term for that portion of the zone to a maximum of 30 years, and add public improvements tied to the parcel with estimated project costs of about $21,400,000. "The TIRS only pays whatever it gets," Nathan said when asked how shortfalls would be handled.
Staff said the added…
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