21-23 - TIRZ - Laserfiche WebLink

Home Browse Search

Costs or bond debt service. For the TIRZ Fund, the City of Paris will contribute 50% of its tax rate on incremental taxable value as shown in Exhibit C. " The Zone will be in place until December 31, 2048 or the date on which all project costs, bonds, and other obligations have been paid in full (Section 14). As was mentioned in the Status of Issue section above, we determined that a current balance, had the fund been filed and started back in 2020 as planned, would have been $97,420.92. Given these funds are collected via our normal property tax, and given they were intended to be diverted to the TIRZ fund had one been created, and given we have had surplus revenue each of the past three years, the City Manager has authorized the transfer of these funds from reserve to the TIRZ account, unless otherwise ordered not to do so by the City Council. Going forward, we will include in our annual budgets a line item to account for the transfer of estimated TIRZ funding from the General Fund to the TIRZ fund each year. LCAD will provide the City with the valuation figures needed for City Staff to perform the calculation each year to determine the exact amount that should be transferred. OPTIONS: 1. Approve the amendment to Ordinance 2019-045, revised TIRZ Board Bylaws, Rob Vine and Thomas McMonagle as city employee members to the TIRZ Board, and authorize the advertisement for three new non-employee board members. 2. Request edits to any of the above items, request different city employees to serve on the board, or for more information to be brought back. 3. Reject this item and advise staff. RECOMMENDATION: Approve the amendment to Ordinance 2019-045, revised TIRZ Board Bylaws, Rob Vine and Thomas McMonigle as city employee members to the TIRZ Board, and authorize the advertisement for three new non-employee board members.