Ordinance
Creating TIF#2
ORDINANCE NO. 2420
WHEREAS, the City of
economic well-being of the City of
WHEREAS, Chapter 311, Texas Tax Code,
known as the Texas Tax Increment
Financing Act, provides that the
City of
reinvestment zones within the City for the purpose of economic
development, and;
WHEREAS, on August 23, 1999, the
City Of
passed Resolution
99-60 finding that the 280
area meets the State's criteria, determining that "development or
redevelopment would not
occur solely through private investment in the reasonably foreseeable
future" and is
"predominantly open and, because of
obsolete platting, deterioration of structures or site
improvements, or other factors, substantially impair or arrest sound growth of the
municipality", and;
WHEREAS, on September 13, 1999, the
City of
received a Preliminary Financial Plan & Preliminary Project
Plan, requested that
the other four taxing jurisdictions waive the 60-day notice
and called a Public Hearing
for Monday, October 25, 1999, to consider the creation of
"Reinvestment Zone Number
2, City Of
WHEREAS, the City Of
plans to each affected local government taxing entity and
likewise formally presented the
Preliminary Financial Plan &
Preliminary Project Plan to the governing body of each entity, and;
WHEREAS, on the 18th day of October,
1999, notice was published in the Fort
Worth Star-Telegram stating that a public
hearing would be conducted by the City of
North Richland Hills City Council on
the 25th day of October, 1999, to consider the
creation of a tax increment reinvestment zone herein described
in Exhibit "A" and
pictured in "Exhibit B" as a reinvestment zone, and;
WHEREAS, it is the finding of the
City Council of the City of
following the public hearing, that the creation of a reinvestment zone for the above
stated property would significantly enhance the value of all taxable real
property in
the proposed zone, attract major investment within the zone, contribute to
the expansion
of primary employment within the zone and will be of general benefit to the
City of North
Richland Hills, and;
BE IT THEREFORE ORDAINED that the City
Council of the City of
Hills hereby finds that
"Reinvestment Zone Number 2, City of
or the property herein described in Exhibits "A" and
"B", meets the requirements of Section
311.005 of the Texas Tax Increment Financing Act and therefore is designated to take
effect on January 1, 2000, as specified in Section
311.005(a)(5) of the same Act.
PAGE 2
BE IT ALSO ORDAINED that
Reinvestment Zone Number 2, City of
Hills will expire in 2027 or when bonds
sold to fund construction of the
infrastructure improvements, Library,
Conference/Performing Arts Center expire, whichever comes first, and;
BE IT ALSO ORDAINED that the City Council
of the City Of
creates a tax increment fund for the aforementioned zone to
hold tax revenues and retire
bonds for said improvements within the zone, and;
BE IT ALSO ORDAINED that the City
Council of the City Of
creates a board of directors for the zone as provided in
Section 311.009, comprised of the
following members: City Of
one member, Tarrant County Hospital District - one (1) member and Tarrant
County Junior
College - one (1) member.
Passed in open session of the
City Council this 25th day of October, 1999.
Signed by Charles Scoma, Mayor,
ATTEST: Patricia Hutson,
City Secretary
Signed:Marty Wieder, Director of Economic
Development
Approved as to Form & Legality
by: Rex McEntire,
City Attorney
Exhibit A: Spells out meets and bounds on following map.
Exhibit B: Tax Increment Financing (TIF) Reinvestment Zone 2
According to City Records this area
was cut into the TIF because:
"development or redevelopment would not occur solely through private
investment in the reasonably foreseeable future" and is "predominantly
open and, because of obsolete platting, deterioration of structures or site
improvements, or other factors, substantially impair or arrest sound growth of
the municipality"
Notice that it spans the rebuild