11 & 12 - Tax Increment Financing Reinvestment Zone Number One - Bylaws, Final Project Plan and Financing Plan

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Item Nos. 11 & 12 memorandum TO: Mayor & City Council Gene Anderson, Interim City Manager FROM: Carla Easton, PE, Director of Engineering Planning & Community Development SUBJECT: TIRZ NO. 1 BOARD BY-LAWS, FINANCE PLAN, AND PROJECT PLAN DATE: February 18, 2020 BACKGROUND: In November 2019, the City Council adopted an ordinance creating the first Tax Increment Reinvestment Zone for Paris, realizing the need to set aside future funds for reinvestment in the downtown area. In December 2019, the Council appointed five members to the TIRZ board of directors, and on February 11, 2020, the first board meeting was held to establish by-laws and adopt the initial finance plan and project plan. STATUS OF ISSUE: Three members attended the board meeting, and upon review of the by- laws, finance plan, and project plan with TIF consultant Larry Cline, the board unanimously voted to recommend adoption of all three. Attached for your consideration are the Tax Reinvestment Zone Number 1 Board By -Laws, Finance Plan, and Project Plan as recommended for approval by the Board of Directors. Mr. Cline will be available at the council meeting to present this information and answer any questions. BUDGET: NA. RECOMMENDATION: Approval of a resolution adopting Reinvestment Zone Number 1 Board of Directors' Bylaws; and an ordinance adopting the Finance Plan, and Project Plan.