SUBJECT: Motion establishing a public hearing date for a seventh amendment to the Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Five (Memorial Heights Zone
RECOMMENDATION: (Summary)
To establish a public hearing date for the seventh amendment to the Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Five (Memorial Heights Zone)
SPECIFIC EXPLANATION:
On November 15, 2018, the Board of Directors of both the Memorial Heights Redevelopment Authority and Reinvestment Zone Number Five (Memorial Heights Zone) are anticipated to approve amendments to the Project Plan and Reinvestment Zone Financing Plan for the Memorial Heights Zone and transmit the proposed Seventh Amended Project Plan and Reinvestment Zone Financing Plan (the “Amended Plan”) to the City for consideration by City Council. The Amended Plan contemplates a life extension of the Zone through December 31, 2048 in order to finance road reconstruction projects along Shepherd Drive and Durham Drive between I-610 and I-10. The projects will improve mobility, enhance drainage resiliency, mitigate flooding and enhance pedestrian safety.
Pursuant to Texas Tax Code Sections 311.007(c) and 311.011(e), a public hearing must be held prior to City Council’s consideration of an ordinance approving the Seventh Amended Project Plan and Reinvestment Zone Financing Plan. The Administration recommends setting the public hearing date on Wednesday, November 28, 2018.
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Andrew F. Icken, Chief Development Officer