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ChatGPTClaudePerplexity· Related development
Council expands TIRZ #2 and approves an amended project and finance plan (Ordinance No. 7892)
After a public hearing with no comments, the council passed Ordinance No. 7892 on first reading 5-0 on November 17, 2020 and on second reading as part of a 5-0 consent agenda on December 8, 2020. It expanded the zone's boundary, approved an amended final project and finance plan and approved City participation in the expanded area. The December 2020 plan covers about 1,389 acres, runs to December 31, 2046, and projects $34.6 million in tax increment revenue over 30 years ($17.7 million net present value), including money for infrastructure reimbursement and debt service on a possible $15 million public athletic facility.[1][2][3]
Ginger NelsonElaine HaysFreda PowellEddy SauerHoward SmithAndrew Freeman
What the sources say
- ✓ Verified
Under the December 2020 plan, four taxing entities, the City of Amarillo, Potter County, Amarillo College and the Panhandle Groundwater District, contribute 100% of their new incremental property tax for the full term; no school district participates, and the zone expires December 31, 2046. [3]
- ✓ Verified
The plan projected, as an estimate, $34.6 million in tax increment over 30 years ($17.7 million net present value), assuming $100 million in new construction value: $10 million for infrastructure reimbursement, $22.4 million for debt service on a public athletic facility (assuming $15 million in debt for 20 years at 3%) and $2.2 million for aesthetic and landscaping improvements. [3]
- Projected revenue
- $34,600,000
- Projected npv
- $17,700,000
- ✓ Verified
The plan describes the zone as about 1,389 acres, including about 300 single-family homes on about 52 acres, two RV parks, about a dozen businesses, a private cemetery and about 1,024 acres of vacant land. Its listed goals include relocation and expansion of the Big Texan Steakhouse, hotels, an RV park and new recreation and athletic facilities. [3]
- ✓ Verified
On November 17, 2020, after a public hearing at which no one spoke, Ordinance No. 7892 passed on first reading 5-0 (Mayor Ginger Nelson and Councilmembers Elaine Hays, Freda Powell, Eddy Sauer and Howard Smith) on a motion by Powell, seconded by Sauer. It passed on second and final reading as part of the December 8, 2020 consent agenda, also 5-0. [1][2]
