HomeMy WebLinkAboutRES 4B 2013-02RESOLUTION NO. 4B 2013 -02
A RESOLUTION OF THE GRAPEVINE 4B ECONOMIC
DEVELOPMENT CORPORATION OF THE CITY OF
GRAPEVINE, TEXAS, AUTHORIZING THE EXPENDITURE
OF CORPORATION FUNDS FOR THE PURCHASE OF
REAL ESTATE AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Grapevine 4B Economic Development Corporation (the
"Corporation ") was created as a result of the approval of the voters of the City; and
WHEREAS, the enhancement of the local economy is in the best interest of
citizens of the City; and
WHEREAS, the categories and scope of the projects authorized and approved
by the voters included the full range of economic development projects authorized
under the law; and
WHEREAS, City staff has proposed the use of 4B Economic Development Funds
"s for the acquisition of a significant tract of undeveloped property in the City (the
"Property "); and
WHEREAS, the City's acquisition of the Property will serve to assist the City to
meet the goals approved by the voters in authorizing the creation of the Corporation;
and
WHEREAS, the City's acquisition of the Property will serve to promote new or
expanded business enterprises, including but not limited to entertainment, convention,
tourist and exhibition facilities, amphitheaters, concert halls, parks, open space,
restaurants, parking facilities, and with roads, streets and water and sewer facilities (the
"Project"); and
WHEREAS, the Board held a public meeting and public hearing regarding the
Project on December 12, 2013; and
WHEREAS, all constitutional and statutory prerequisites for the approval of this
Resolution have been met, including but not limited to the Open Meetings Act and
Chapter 501 and 505 of the Local Government Code.
NOW, THEREFORE, BE IT RESOLVED BY THE GRAPEVINE 4B ECONOMIC
DEVELOPMENT CORPORTATION OF THE CITY OF GRAPEVINE, TEXAS:
Section 1. That all matters stated hereinabove are found to be true and correct
and are incorporated herein by reference as if copied in its entirety.
i
Section 2. That the Board hereby authorizes and approves the Project to
include the expenditure of up to $29.5 million in Corporation funds for the purchase of
real estate. This authorization and approval includes the use of up to $10 million of fund
balance. This authorization and approval is contingent upon the reimbursement of
Corporation funds in the event of the sale of all or a part of the Property. The Board
hereby authorizes the publication of any and all required notices for the proposed
issuance of debt as required by law, including but not limited to Section 505.160 of the
Local Government Code.
Section 3. That this resolution shall take effective from and after the date of its
passage.
PASSED AND APPROVED BY THE GRAPEVINE 4B ECONOMIC
DEVELOPMENT CORPORATION BOARD OF DIRECTORS OF THE CITY OF
GRAPEVINE, TEXAS on this the 12th day of December, 2013.
C. hdne Wilba k
Board Vice President
ATTEST:
J di .Brown
Cit S-,-.-
ecretary
Matthew Boyle
City Attorney
RES. NO. 4B 2013 -02 2
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