HomeMy WebLinkAboutORD 2009-043 ORDINANCE NO. 2009-43
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS APPROVING AN AMENDED
PROJECT AND FINANCING PLAN FOR TAX INCREMENT
REINVESTMENT ZONE NUMBER ONE, CITY OF
GRAPEVINE, TEXAS; MAKING VARIOUS FINDINGS
RELATED TO SUCH AMENDED PLAN; PROVIDING FOR
SEVERABILITY; DECLARING AN EMERGENCY AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and
pursuant to Ordinance No. 96-38, adopted by the City Council (the "City") on June 4,
1996, the City created Tax Increment Reinvestment Zone Number One, City of
Grapevine, Texas, (the "Zone"); and
WHEREAS, as authorized by Section 311.011(e) of the Act and pursuant to
Ordinance No. 96-55, adopted by the City Council of the City on August 1, 1996, the
City amended the Project and Financing Plan for the Zone; and
WHEREAS, as authorized by Section 311.011(e) of the Act, on September 8,
2009, and pursuant to Board Resolution TIF #1 2009-01, the Board amended the Plan
to establish a TIF Grants Category, as depicted on Exhibit "A", and recommended that
the Plan, as amended, be approved by the City Council; and
WHEREAS, all statutory and constitutional prerequisites for the adoption of this
Ordinance have been met, including, but not limited to the Texas Open Meetings Act;
and
WHEREAS, the City Council deems the adoption of this Ordinance to be in the
best interests of the health, safety, and welfare of the public:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. Findings
That the City Council hereby makes the following findings of fact:
1.1 The statements and facts set forth in the recitals of this Ordinance
are true and correct.
1.2 That the Plan, as amended, includes all information required by
Sections 311.011(b) and (c) of the Act.
1.3 That the Plan, as amended, is feasible and the amended and
restated project plan conforms to the City's master plan.
Section 2. Approval of amended plan
That based on the findings set forth in Section 1 of this Ordinance, the Plan, is
hereby amended by the addition of the underlined language in Exhibit "A".
Section 3. Delivery of amended plans to taxing entities.
That the City of Grapevine, is hereby directed to provide a copy of the Plan, as
amended, to the governing body of each taxing unit that taxes real property located in
the zone.
Section 4. That the terms and provisions of this ordinance shall be deemed to
be severable, and that if the validity of any section, subsection, word, sentence or
phrase shall be held to be invalid, it shall not affect the remaining part of this ordinance.
Section 5. The fact that the present ordinances and regulations of the City of
Grapevine, Texas are inadequate to properly safeguard the health, safety, morals,
peace and general welfare of the public creates an emergency which requires that this
ordinance become effective from and after the date of its passage, and it is accordingly
so ordained.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 6th day of October, 2009.
APPROVED:
William D. Tate
Mayor
ATTEST:
Linda Huff
City Secretary
ORD. NO. 2009-43 2
Approved as to Form:
John F. Boyle, Jr.
City Attorney
ORD. NO. 2009-43 3
EXHIBIT—L. TO ()AD.No, 01069-LK
of
EXHIBIT A Pag .e .L..L.
"Amendment to Tax Increment Project and Financing Plan"
Two proposed amendments include:
1. Amend the Project Plan
Establish a TIF Grants Category pursuant to Texas Tax Code, Section
311.010, providing powers under Chapter 380, Local Government Code;
and
Limit payments of project costs pursuant to Texas Tax Code, Section
311.002 (1) (K) to the total contributions made by the City to the TIF Fund.
2. Amend the Financing Plan
Reflect the actual amount of bond indebtedness for public improvements
of$28,195,000 with a total principal and interest of$48,508,259.
Provide estimated TIF Grants costs of $14,295,661 based upon current
value of improvements.