HomeMy WebLinkAboutRES 2003-027 RESOLUTION NO. 2003-27
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, AUTHORIZING THE EXPENDITURE
OF UP TO $400,000 OF UNDESIGNATED FUND
BALANCE IN TAX INCREMENT FINANCE (TIF) DISTRICT
NO. 1 TOWARDS THE FUNDING OF A RECREATION
FACILITY AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the Board of Directors of TIF #1 authorized the expenditure of up to
$400,000 in undesignated fund balance for the funding of a recreation facility; and
WHEREAS, Polar Ice Entertainment, Inc. ("PIE") is the owner/operator of a public
recreational ice-skating facility at 3000 Grapevine Mills Parkway #613 in the City (the
"Facility"); and
WHEREAS, the continued operation of the Facility will be beneficial to the public,
and will serve to foster economic development through retail sales retention and growth,
and through recreational and educational opportunities; and
WHEREAS, the City wishes to provide funding for the continued operation and
maintenance of the Facility, in exchange for PIE's donation of a commensurate level of
in-kind services to the benefit of the public (this arrangement will hereinafter be referred
to as the "Project"); and
WHEREAS, the Project constitutes an appropriate use of funds from the Tax
Increment Finance District No. 1.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That all matters stated in the preamble are found to be true and
correct and are incorporated herein as if copied in their entirety.
Section 2. That the City Council approves the expenditure of up to $400,000 in
undesignated TIF # 1 fund balance for the funding of the Project, a recreation facility.
Section 3. That this resolution shall take effect immediately upon its passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 2nd day of September, 2003.
APPROVED:
William D. Tate
Mayor
ATTEST:
tU(City Secretar
dff Hu
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
RESOLUTION NO. 2003-27 2