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�£ � � /� . <br /> e.7'. /� <br /> r t� , �) <br /> :x_ � / <br /> -; � ORDINANCE NO. 98-140 <br /> � <br /> � <br /> >_.. :� � <br /> �_ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br /> GRAPEVINE, TEXAS DESIGNATING A CERTAIN AREA AS <br /> `��i TAX INCREMENT FINANCING REINVESTMENT ZONE <br /> `°k� NUMBER TWO, CITY OF GRAPEVINE, TEXAS, <br /> �� ESTABLISHING A BOARD OF DIRECTORS FOR SUCH <br /> `��` REINVESTMENT ZONE AND OTHER MATTERS RELATING <br /> ��;F= THERETO; PROVIDING A CLAUSE RELATING TO <br /> '°°a�° SEVERABILITY; DECLARING AN EMERGENCY AND <br /> PROVIDING AN EFFECTIVE DATE <br /> WHEREAS, the City Council of the City of Grapevine, Texas (the "City"), desires to <br /> promote the development of a certain contiguous geographic area (the Opryland <br /> Hotel/Grapevine Middle School area) within its jurisdiction by the creation of a <br /> reinvestment zone, as authorized by the Tax Increment Financing Act, Chapter 311 of the <br /> Texas Tax Code, Vernon's Texas Codes Annotated (the "Act"); and <br /> WHEREAS, in compliance with the Act, the City has called a public hearing to hear <br /> public comments on the creation of the proposed reinvestment zone and its benefits to <br /> the City and the property in the proposed reinvestment zone; and <br /> � �P WHEREAS, in compliance with the Act, notice of such public hearing was <br /> published in the Fort Worth Star Telegram, a daily paper of general circulation in the City, <br /> such publication date being not later than seven (7) days prior to the date of the public <br /> hearing; and <br /> WHEREAS, such hearing was convened at the time and place mentioned in the <br /> published notice, to wit, on the 8th day of December, 1998 at 7:30 p.m., in the Council <br /> Chamber of the City of Grapevine, Texas, which hearing was then closed; and <br /> WHEREAS, the City, at such hearing, invited any interested person, or his <br /> attorney, to appear and contend for or against the creation of the reinvestment zone, the <br /> boundaries of the proposed reinvestment zone, whether all or part of the territory which is <br /> described by the metes and bounds description attached hereto as "Exhibit "A" and <br /> depicted in the map attached hereto as Exhibit "B" should be included in such proposed <br /> reinvestment zone, the concept of tax increment financing and the appointment of a <br /> board of directors for the proposed reinvestment zone; and <br /> WHEREAS, all owners of property located within the proposed reinvestment zone <br /> and all other taxing units and other interested persons were given the opportunity at such <br /> ��.� public hearing to protest the creation of the proposed reinvestment zone and/or the <br /> inclusion of their property in such reinvestment zone; and <br /> �_.:..�. <br />