HomeMy WebLinkAboutTax Increment Finance (TIF) Resolutions (R-00-02)-06/15/2000
RESOLUTION R-OO-2
A RESOLUTION REGARDING USE OF TIF FUNDS FOR PUBLIC LIBRARY
WHEREAS, there are certain agreed limitations imposed on the City ofColleyville restricting the
use of TIF generated funds for construction of public buildings; and
WHEREAS, any additions, changes, revisions, or modifications to the Plan can only be initiated
by the Board of Directors of the Reinvestment Zone pursuant to ~311.011(e) Tex. Tax Code; and
WHEREAS, the TIF PLAN as presented and adopted as Ordinances 0-98-1124 and 0-98-1131
includes the Colleyville TIF Project Plan outlining the cost to the TIF District of each project; and
WHEREAS, said PLAN limits the expenditures from the TIF District for certain public buildings,
including the Library, City Hall and Fire Station.
NOW THEREFORE, BE IT RESOLVED BY THE COLLEYVILLE TAX INCREMENT
FINANCING BOARD OF COLLEYVILLE, TEXAS
Section 1. No funds may be shifted from one project to another without prior approval of the Board
of Directors.
Section 2. The maximum TIF funds expended for any project shall be as specified in the TIF Project
Plan and previously approved by the Colleyville Tax Increment Financing Board. <~\Y'~
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Section 3. No TIF funds in excess of $240,000.00 may be used for a Colleyville public library' i~
accordance with the previous agreement of the Board of Directors.
AND IT IS SO RESOLVED.
PASSE/liY A VOTE~2
THE DAY OF ~
AYES,
o NAYS,AND /
,2000.
ABSTENTIONS ON THIS
ATTEST:
COLLEYVILLE TAX
INCREMENT FINANCING BOARD
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