HomeMy WebLinkAboutTax Increment Finance (TIF) Resolutions (R-12-02)-11/20/2012RESOLUTION R-12-02
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TAX
INCREMENT FINANCING REINVESTMENT ZONE (TIRZ) NUMBER ONE,
CITY OF COLLEYVILLE, TEXAS, APPROVING AN ECONOMIC
DEVELOPMENT GRANT, IN AN AMOUNT NOT TO EXCEED THREE
MILLION DOLLARS, AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the TIRZ Board approved Resolution R-12-04, which amended
the project plan and reinvestment zone financing plan, to '
include additional public infrastructure projects and an i
economic development TIF grant program with the purpose of '
benefiting the City, its residents, and property owners; and ',
WHEREAS, the objectives of the Economic Development TIF Grant Program
are to promote within the TIRZ: 1) development and
diversification of the economy; 2) elimination of unemployment
and underemployment; and 3) development and expansion of
commerce;
WHEREAS, these objectives will be achieved by making grants and loans
from the tax increment fund of the TIF in an aggregate amount
not to exceed the amount of tax increment produced by the
City, and paid into the TIF fund for activities that benefit the
TIF and stimulate business and commercial activity within the
TIF; and
WHEREAS, the City has conducted negotiations with a developer in pursuit
of a significant new commercial development project; and
WHEREAS, the proposed development will enhance the tax base of the
TIRZ through development and diversification of the economy,
elimination of unemployment and underemployment, and
development and expanded commerce; and
WHEREAS, the enhancement of the local economy is in the best interest of
the citizens of the City; and
WHEREAS, this Resolution is being passed in full accordance with all
requirements of State law, including but not limited to the
Open Meetings Act.
Resolution R-12-02
Page 2 of 2
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER
ONE, CITY OF COLLEYVILLE, TEXAS:
Sec. 1. THAT all matters stated hereinabove are true and correct and
incorporated herein as if copied in their entirety.
Sec. 2. THAT the Board of Directors hereby approves an economic
development grant, contingent upon Colleyville City Council
approval of the amended project plan and financing plan, in an
amount not to exceed $3 million, and conditioned upon
approval of an incentive agreement by the City of Colleyville
City Council.
Sec. 3. THAT this resolution is effective from and after the date of its
passage.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF O AYES, 0 NAYS, AND ~
ABSTENTIONS ON THIS THE 20T" DAY OF NOVEMBER 2012.
COLLEYVILLE TAX INCREMENT
FINANCING DISTRICT BOARD
~
David Kelly
Chairman
~ T. c/ O ~ ~s-~
Cynthia`~ingleton, TRMC,
City Secretary