The City Council is being asked to approve changes to the agreements that govern Tax Increment Reinvestment Zone No. 38 (Somerset Grove). A TIRZ is a designated area where future increases in property tax revenue are set aside to pay for development in that zone. The amendments would update the Development Agreement, Project Plan, and Finance Plan, and would expand the zone's boundaries by 24 acres to include an additional 96 single-family homes.
The item is brought by Interim Assistant City Manager Justina Tate and Veronica Garcia, Director of Neighborhood and Housing Services. The agenda does not specify the developer or property owners involved, but the changes would affect future homeowners in the added 96-home area and taxing entities whose increment revenue is captured by the zone.
The item references existing agreements and plans for TIRZ No. 38 – Somerset Grove that are being amended, but the agenda does not specify when those were originally adopted.
Show the original agenda text
Ordinance approving amendments to the Development Agreement, Project Plan and Finance Plan for the Tax Increment Reinvestment Zone No. 38 – Somerset Grove and enlarging the boundaries of the TIRZ to add 24 acres and 96 single family homes to the Project.
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