SUBJECT
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A Resolution of the City Council of the City of Laredo, Texas, approving the Bylaws of the Board of Directors for the Reinvestment Zone No. 1 ( A Tax Increment Reinvestment Zone)
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VIVA LAREDO PLAN ALIGNMENT
Alignment Rating: Strong - Directly supports or fulfills a clearly stated and verbatim goal or policy from the Viva Laredo Comprehensive Plan.
Supporting goal(s)/policy(ies):
Policy 4.1.3 - “Create Tax Increment Reinvestment Zones (TIRZs) in targeted areas to attract private investment.”
Page 4.5
Source: Viva Laredo Comprehensive Plan
Relevance: The resolution reaffirms and formalizes the governance structure of an existing TIRZ. This is a direct implementation of Policy 4.1.3, which advocates for the use of TIRZs as a financial tool to stimulate development in strategically selected areas.
Policy 4.1.1 - “Adopt proactive economic development tools and incentives to support private investment.”
Page 4.5
Source: Viva Laredo Comprehensive Plan
Relevance: By approving bylaws for the TIRZ board, the City is reinforcing a key economic development tool designed to leverage public and private capital.
Goal 4.1 - “Increase economic development opportunities.”
Page 4.4
Source: Viva Laredo Comprehensive Plan
Relevance: This resolution supports the broader objective of creating mechanisms that enable economic growth, job creation, and infrastructure investment in underserved or underutilized areas.
Summary of alignment:
This resolution demonstrates strong alignment with the Viva Laredo Comprehensive Plan’s economic development goals. By approving the bylaws of the Board of Directors for Reinvestment Zone No. 1, the City is taking formal steps to activate and govern a TIRZ-a critical strategy explicitly endorsed in Policy 4.1.3 for attracting private investment to targeted areas. This action also supports Policy 4.1.1, which calls for the adoption of financial mechanisms to encourage economic activity. Additionally, it contributes directly to Goal 4.1, which aims to expand local economic development opportunities.
The alignment also intersects with broader themes of sustainable growth, fiscal innovation, and strategic planning, reinforcing the City’s commitment to structured development that supports long-term prosperity.
PREVIOUS COUNCIL ACTION
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BACKGROUND
On December 5th, 2016, the City Council of the City of Laredo, Texas adopted Ordinance No. 2016-O-192, which created Reinvestment Zone No. 1, and established a Board of Directors for the Zone (the “Board”) as authorized in accordance with the Tax Increment Financing Act , Chapter 311 of the Texas Tax Code Ann. The Board will meet on October 3rd to review and approve the bylaws applicable to the Board to assist the Board in efficiently and effectively carrying out the duties and responsibilities of the Board as outlined in the Ordinance; and
COMMITTEE RECOMMENDATION
STAFF RECOMMENDATION
recommendation
Staff recommends the approval of this resolution.
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Fiscal Impact
Fiscal Year: N/A
Budgeted Y/N?: N/A
Source of Funds: N/A
Account #: N/A
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
No Financial Impact