City Council 03.04.2014 Agenda Item 6.3 :: Economic & Int'l Development

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An Ordinance amending the Final Project Plan and Final Reinvestment Zone Financing Plan for the Tax Increment Reinvestment Zone Number Five, City of El Paso, Texas; Adopting said amendments as required by Section 311.011(e) Texas tax code; Also providing a severability clause.

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City Council 03.04.2014 Agenda Item 6.3 :: Economic & Int'l Development

  1. 1. City of El Paso Downtown Commercial Façade Improvement Program March 2014
  2. 2. Downtown Commercial Façade Improvement Program • The Façade program was established in 2007 by the Tax Increment Reinvestment Zone No. 5 • Program targeted revitalization and improvement of Downtown buildings to positively improve aesthetics • One-dollar to one-dollar match grant up to $25,000 for approved exterior improvements. • In a partnership with the Downtown Management District (DMD) and the City, the DMD is responsible for the administration and fiscal management of the program. • The Façade review committee comprised of DMD Board and City Development Staff
  3. 3. Economic Impact of FY12-13  In FY 2012-13 the DMD awarded 9 projects with grant funds that totaled $177,000.  The total project cost investment of the 9 projects totaled over $9.2 Million dollars.  Grant funds leveraged 52 times more in project investment than was awarded by the DMD/City.
  4. 4. City/DMD Façade Program On an annual basis, the DMD requests TIRZ 5 grant funds to continue incentivizing commercial redevelopment aesthetic improvements. To date the DMD has requested: •Original Amount: $32,000 •First Amount 11-17-2009: $57,000 •Second Amount 12-22-2009: $25,000 •Third Amount 11-8-2011: $41,000 •Fourth Amount 05-15-2012: $100,000 •Fifth Amount: 08-30-13: $100,000 •Requested Sixth Amount: $100,000
  5. 5. Completed Projects In Progress
  6. 6. Completed Projects In Progress

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