Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tif Tirz topic
No spam. Unsubscribe anytime.
Board recommends final TIRZ No. 3 plan after consultant outlines 453-home proposal
Summary
The TIRZ No. 3 board voted 7–0 to recommend the final project and financing plan to the Van Alstyne City Council. Consultant David Pettit described a 35‑year TIF, 46.5% city participation on the M&O tax rate, and roughly $21.4 million in projected TIRZ revenue.
The Tax Increment Reinvestment Zone (TIRZ) No. 3 board recommended the final project and financing plan to the city council after a presentation from David Pettit of Pettit and Ayala Consulting. Pettit said the plan envisions a 453‑home development, sets the base valuation to Jan. 1, 2026, and structures a 35‑year TIF term.
"Tonight, we're here to recommend approval of the final project and financing plan to the city council," Pettit said, explaining the city's participation would be limited to 46.5% of the maintenance and operations (M&O) rate and that he estimated about $21,400,000 in TIRZ revenue above the base. He added there were no deviations from the previously approved preliminary plan and that revenues are expected to help offset a related public improvement district (PID) item on the council agenda.
After brief board discussion, a motion to recommend the plan to the council passed 7–0. The recommendation is forwarded to the City Council for a separate ordinance to finalize the TIRZ creation and financing plan.
