Property inside the tax zone that covers the Legacy Hills area in western Celina is estimated to have grown more than fourfold in value in two years, and the developer stands to receive about $496,663 from it this year.
The board of Tax Increment Reinvestment Zone No. 13 meets at 4:50 p.m. Tuesday, Oct. 13, at the council chambers at 112 N. Colorado St. to approve the zone's yearly spending. A matching resolution is on the City Council's 5 p.m. agenda the same day.
How the zone works
The council created the zone in September 2021. It covers about 3,132 acres east of North Dallas Parkway, north of J Fred Smith Parkway and south of FM 455, and overlaps the North Parkway Municipal Management District and the Legacy Hills Public Improvement District, according to a memo from Finance Director Robin Bromiley.
Under the zone's financing plan, 10 cents of the city's property tax rate per $100 of value on growth above the zone's starting value goes into a fund. That money pays administrative costs and an economic development grant to the developer. Staff slides describe the grant as covering infrastructure.
The memo says the money is not currently used to offset North Parkway district assessments or taxes.
The numbers
The zone's base value is listed at $489,985. Staff figures put total taxable value at: