The Town of Little Elm, Texas, pursuant to Chapter 311 of the Texas Tax Code, designated a geographic area within the extraterritorial jurisdiction of the Town as a Tax Increment Reinvestment Zone #3 (TIRZ #3). On October 15, 2013. The Town created TIRZ #3 by Ordinance No. 1175. The Final Reinvestment Zone Financing plan was approved on April 15, 2017 by Ordinance No. 1214. The purpose of TIRZ #3 is to fund the Lakefront District.
The Board of Directors for the Zone consists of nine (9) members. Seven (7) members shall consist of the Town Council and the remaining two (2) members shall be appointed by the Commissioners Court of Denton County. If the Commissioners Court does not appoint its members by December 31, 2014, the Town Council shall appoint both members not appointed by the Court, and the Commissioners Court shall be deemed to have waived its right to appoint such members in the future.
The Town Council appoints the Mayor to serve as the chairman of the Board. The Board is authorized to elect a vice-chairman and other officers as determined by the Board.
The Commissioners Court shall fill vacancies for director positions appointed by the Court. Town Council members shall serve on the Board during their term on Town Council. In the event, a Town Council member is not reelected or fails to run for re-election, the successor shall serve on the Board.