HomeMy WebLinkAboutReinvestment Zone 4 presentationTax Increment Reinvestment Zone No. 4
Amended and Expanded
Town of Westlake
November 14, 2016
History
•June 13 Economic Development Agreement Approved and executed
•August 22 Public Hearing held on Zone creation, after 7 day notice
Reinvestment Zone #4 created on 1.802 acres
Neighborhood Empowerment Zone created on 1.802 acres
Prior to approval of the Tax Abatement Agreement, Schwab subsequently
requested the Zone to include all purchased acreage, a total of 74.131 acres.
•Required revisiting the Economic Development Agreement
•Required updated maps from Schwab
•Still needed the Tax Abatement Agreement to be approved
Boundary Map
Actions to Consider Today
•Conduct a public hearing on the new zone, 74.131 acres
•Consider amending and expanding Reinvestment Zone No. 4
•Consider amending the creation resolution for the Neighborhood Empowerment Zone that will match the new boundaries
•Consider approval of a new Agreement that would restate and clarify details in the current Economic Development Agreement and expand the zone
–New agreement also adds the required tax abatement language to create one consolidated agreement