HomeMy WebLinkAboutCity Council Resolutions (Resolution R-20-4547)-11/02/2020RESOLUTION R-20-4547
A RESOLUTION AUTHORIZING THE TRANSFER OF $5,518,968
FROM THE TAX INCREMENT FINANCE DISTRICT TO THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
WHEREAS, on November 4, 1998, by Ordinance 0-98-1124, the
Colleyville City Council authorized the creation of the Tax
Increment Financing (TIF) Reinvestment Zone Number One;
and
WHEREAS, the City of Colleyville desires to transfer $5,518,968 from the
TIF to the Colleyville Economic Development Corporation, for
projects completed with CEDC funds, but for which are TIF
eligible, and to provide for the callings of CEDC bonds not later
than December 31, 2020.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF COLLEYVILLE, TEXAS:
Sec. 1. THAT the Colleyville City Council authorizes the City Manager
to transfer TIF funds in the amount of $5,518,968, to the
CEDC fund.
Sec. 2. Upon the transfer of funds, the City Manager shall call the
CEDC bonds (principal of $4,775,000), not later than the 315t
day of December 2020, and provide for the remaining
$743,968 to be added to the CEDC fund balance.
Sec. 3. THAT this resolution shall be effective immediately upon
approval.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF 7 AYES, 0 NAYS ON THIS THE 2ND DAY OF
NOVEMBER 2020.
Mayor Richard Newton Aye Mayor Pro Tem Bobby Lindamood Aye
Place 1, Tammy Nakamura Aye Place 3, Kathy Wheat Aye
Place 4, George Dodson Aye Place 5, Chuck Kelley Aye
Place 6, Callie Rigney Aye
ATTEST:
L ��� ��'�-�
Christine Loven, TRMC
City Secretary
Resolution R-20-4547
Page 2 of 2
CITY OF COLLEYVILLE
( -�
Richard Newton
Mayor