HomeMy WebLinkAboutItem 14-16, TIRZ AmendmentsTAX INCREMENT FINANCING (TIF)/ SCHOOL RESOURCE OFFICER
(SRO) FUNDING STRATEGY
•Chapter 311 of the Texas Tax Code (TIF Act)
allows for costs associated with operating
project facilities in the reinvestment zone.
•Each TIF contains one GCISD project facility
•TIF 1 (Grapevine Mills) –Mustang-Panther
Stadium
•TIF 2 (Gaylord) –Grapevine Middle School
•Operating expenses at eligible facilities will be
paid with TIF funds.
•Payment of eligible operating expenses allows
GCISD funds to be repurposed to pay full SRO
expenses.
•TIF funds to be used are GCISD’s money.
•Funds SROs through at least 2031 based on
current projections.
Amend TIF
Boards
(1/16)
Confirm
GCISD
selection to
TIF #2
(2/6)
Amend
Project &
Financing
Plans
(2/20)
Approve
agreement for
TIFs to repay
eligible
GCISD costs
(3/5)
TIFs pay eligible
GCISD costs,
freeing funds to
pay for SROs
(ongoing)Next
Steps
ITEMS 14, 15, AND 16
•Item 14 –Authorizes a professional services agreement with David Petit Economic Development to update and
amend the Project and Financing Plans for TIFs #1 and #2.
•Items 15 and 16 –Amends the composition of the TIF #1 (Grapevine Mills) and TIF #2 (Gaylord) boards limiting
representatives to participating taxing entities. Previously, all taxing entities held seats on both TIF boards,
regardless of participation.