Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone
description
Transcript of Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone
![Page 1: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/1.jpg)
Atlanta, Austin, Chicago, Dallas, Hong Kong, Houston, London, Los Angeles, New Orleans, New York, Sacramento, San Francisco, Washington DC
Smith County, TexasPublic Hearing on Formation
of Transportation Reinvestment Zone
November 15, 2013
1
![Page 2: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/2.jpg)
Background and Purpose•Authorized by the 80th Legislature in 2007 through the enactment of Senate Bill 1266
•Significantly improved and expanded by the 82nd Legislature in 2011 (HB 563 / SB 1420) and 83rd Legislature in 2013 (SB 1110)
•Provides a mechanism for local governments to generate funding for a project that is derived from the economic growth resulting from the project.
2
![Page 3: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/3.jpg)
What is a TRZ?• Contiguous geographic area in the jurisdiction of a city or county
• Allows a city or county to dedicate a portion of future tax revenues to the project
• Can capture incremental ad valorem and/or sales tax revenue within a zone
• Not a tax increase
3
![Page 4: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/4.jpg)
Generation of TRZ Funds
4
![Page 5: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/5.jpg)
Statutory Purposes of a TRZ• Promote public safety
• Facilitate the development or redevelopment of property
• Facilitate the movement of traffic
5
![Page 6: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/6.jpg)
Why Form a TRZ• Accelerates the funding and delivery of projects
• Faster delivery of projects results in: Increased economic development activity Improved congestion, safety, mobility, air quality,
quality of life
6
![Page 7: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/7.jpg)
Formation – Public Hearing• County must hold a public hearing at least 30 days before
it designates the TRZ
• At least 7 days prior, notice of the hearing must be published in the newspaper
• Interested persons are permitted to speak for or against the designation of the TRZ and/or its boundaries
11/15/2013 After 12/15/201311/7/2013
7
![Page 8: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/8.jpg)
Formation – Findings and Resolution• Required Findings area within the zone is underutilized and underdeveloped creation of the TRZ will further statutory purposes (i.e. promote
safety; facilitate development or redevelopment of property; facilitate movement of traffic)
promote a transportation project
• County must adopt a resolution designating the TRZ
• The resolution must: describe the boundaries of the TRZ provide for effective date and designate the base year establish a tax increment account
8
![Page 9: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/9.jpg)
Termination of a TRZ•TRZ or abatement terminates on:1. December 31 of the year in which the county
complies with any contractual requirement regarding the pledge of money generated by (or through) the TRZ; OR
2. December 31 of the 10th year, if before that date the county has not used the zone for the purpose for which it was designated.
9
![Page 10: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/10.jpg)
Toll 49 – Project Support•TRZ is proposed to fund additional expansion of Toll 49
•Toll 49 owned* and operated by the NET RMA
•Smith County TRZ proceeds remain in Smith County•Smith County not selling bonds or incurring debt (constitutional prohibition against county tax increment financing)
* Formal transfer process almost complete
10
![Page 11: Smith County, Texas Public Hearing on Formation of Transportation Reinvestment Zone](https://reader035.fdocuments.in/reader035/viewer/2022070407/56814351550346895dafc9ba/html5/thumbnails/11.jpg)
Smith County TRZ Toll 49
11