Conduct a public hearing and consider an ordinance amending Ordinance No. 20151217-099 to extend the term of Homestead Preservation Reinvestment Zone No. 1 by 10 years and increase the City’s tax increment amount to be deposited into the tax increment fund for development, construction, and preservation of affordable housing, adopting a preliminary financing plan supplement for the extension term, and amending Ordinance No. 20190411-006 to appoint the Mayor as chairman of the board of directors of the zone and clarify the chairman’s term. Funding: increasing the reinvestment zone increment from 20% to 40% directs a larger share of captured property-tax revenue to the zone fund. The City’s voter-approval rate will increase slightly to generate the same amount of property tax revenue for operations and maintenance and for debt service. The typical homeowner impact would be marginal, while the change provides additional resources for affordable housing.

The roll call

Official votes