HomeMy WebLinkAboutTax Increment Finance (TIF) Resolutions (R-13-01)-07/16/2013RESOLUTION R-13-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE,
CITY OF COLLEYVILLE, TEXAS, APPROVING AN ECONOMIC
DEVELOPMENT GRANT IN AN AMOUNT NOT TO EXCEED TWO
MILLION DOLLARS, AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Colleyville is authorized by Chapter 380 of the Texas
Local Government Code to provide economic development
incentives to support the expansion of local business activity, '
employment, and development; 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 and diversify the tax base
of the City, thereby promoting economic development in
accordance with the City's Economic Development Incentive
Policy; and
WHEREAS, the enhancement of the local economy is in the best interest of
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
Meeting Act.
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 in an amount not to exceed $2 Million,
conditioned upon the 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.
Resolution R-13-01
Page 2 of 2
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF� AYES, v NAYS, AND Q ABSTENTIONS ON
THIS THE 16T" DAY OF JULY 2013.
ATTEST:
Amy�helley '
City Secretary
COLLEYVILLE TAX INCREMENT
FINANCING DISTRICT BOARD
��
David Kelly
Chairman