Tax Increment Reinvestment Zone No. 4 (TIRZ #4)

Creation

The Town of Little Elm, Texas, pursuant to Chapter 311 of the Texas Tax Code, designated a geographic area within the extraterritorial jurisdiction of the Town as a Tax Increment Reinvestment Zone #4 (TIRZ #4). On December 17, 2013. The Town created TIRZ #4 by Ordinance No. 1185. The Final Reinvestment Zone Financing plan was approved on July 1, 2014 by Ordinance No. 1221.

Background

The purpose of this project and financing plan is to provide estimates of real property tax increment revenues resulting from the proposed Valencia on the Lake development and available to the Town of Little Elm, Texas to pay project costs for authorized improvements under the provisions of Chapter 311 of the Texas Tax Code, as amended.

Board of Directors

The Town Council hereby appoints a board of directors for the Zone consisting of nine (9) members.  Seven (7) members shall consist of the Town Council who are employees or agents of the Town and the remaining two (2) members being the Texas State Representative for the Zone (or his or her designee) and the Texas State Senator for the Zone (or his or her designee).

The Town Council hereby appoints the Mayor to serve as chairman of the Board. The Board is authorized to elect a vice-chairman and other officers as determined by the Board. Town Council members shall serve on the Board during their term on Town Council. In the event, a Town Council member is not reelected or fails to run for re-election, the successor shall serve on the Board.

The Board shall make recommendations to the Town Council concerning the administration, management, and operation of the Zone.  The Board shall prepare or cause to be prepared and adopted a project plan and reinvestment zone finance plan for the Zone (hereinafter referred to as the “Project and Finance Plan”) as required by the Act, and shall submit the Project and Finance Plan to the Town Council for approval.