Description
Title: Conduct a public hearing and consider an ordinance creating Tax Increment Reinvestment Zone No. 21 for Dog’s Head, which is 2,645 acres and bounded between the Colorado River, US Highway 183, and State Highway 130; approving the boundaries of the zone and the participation rate of the City for the zone; appointing the board of directors, and related matters. Funding: This item has no fiscal impact.
Summary
The City of Austin is proposing the creation of Tax Increment Reinvestment Zone No. 21 (TIRZ No. 21), encompassing approximately 2,645 acres in the Dog's Head area, bounded by the Colorado River, US Highway 183, and State Highway 130. This legislation aims to stimulate development and redevelopment in an area historically underutilized due to inadequate infrastructure. The TIRZ will facilitate funding for public improvements, including roadways, utilities, and open spaces, which are expected to enhance property values and overall community benefit. The ordinance establishes a board of directors for the TIRZ, outlines funding contributions from the City, and specifies that the TIRZ will remain active until December 31, 2061.