The changes approved during the Feb. 20 council meeting add a spending category to include the operation expenses of two facilities, which will be covered by funds generated through the respective tax increment reinvestment zones.
The expenses, which were also approved by the board of directors for the respective tax increment reinvestment zone, will help cover the cost of having Grapevine police officers staff the facilities, Assistant Director of Finance Matt Feryan said.
The gist
An update to the project plan for Tax Increment Reinvestment Zone No. 1 will allow for contributions to cover operating expenses at Mustang-Panther Stadium, according to city documents. The city contributes 100% of property tax revenue within Tax Increment Reinvestment Zone No. 1, which has a term running until 2038, per the documents.
Information presented in other meeting documents for Tax Increment Reinvestment Zone No. 2—which has a term until 2030—will allow for proceeds to cover operating expenses at Grapevine Middle School. Both the city and Grapevine-Colleyville Independent School District contribute 100% of property taxes to the district, although the district’s contribution is only for the maintenance and operation portion of its tax rate.
The updated cost for the operation expenses of facilities within Tax Increment Reinvestment Zone No. 1 is more than $2.7 million out of the $124.9 million in total project costs within the zone and more than $12.5 million out of $51 million in project cost within Tax Increment Reinvestment Zone No. 2, per city documents.
What’s next?
GCISD is expected to consider a resolution to adopt a reimbursement agreement with the city during its Feb. 26 meeting, Feryan said. Council is likely to consider adopting a reimbursement agreement during its March 5 meeting, he added.
