HomeMy WebLinkAbout2000-07-24 Special Meeting (2) •
AGENDA
CITY OF GRAPEVINE, TEXAS
SPECIAL CITY COUNCIL MEETING
MONDAY, JULY 24, 2000 AT 7:00 P.M.
BESSIE MITCHELL HOUSE
411 BALL STREET
CALL TO ORDER
NEW BUSINESS
1. City Council to consider an ordinance authorizing the issuance and sale of City of
Grapevine, Texas Combination Tax and Tax Increment Reinvestment Zone
Revenue Certificates of Obligations, Series 2000, in the aggregate principal amount
of $31,580,000; approving the official statement; pledging Reinvestment Zone
Number Two Tax Increment Fund Revenues, levying a tax and providing for the
security for the payment of said certificates and take any necessary action.
ADJOURNMENT
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IN ACCORDANCE WITH TEXAS GOVERNMENT CODE, CHAPTER 551.001 et seq,
ACTS OF THE 1993 TEXAS LEGISLATURE, THE SPECIAL CITY COUNCIL MEETING
AGENDA WAS PREPARED AND POSTED ON THIS THE 21ST DAY OF JULY, 2000 AT
5:00 P.M.
Lind. Huff
City Secretary
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF GRAPEVINE
The City Council of the City of Grapevine, Texas met in Special Session on this the 24th
day of July, 2000 at 7:00 p.m. at the Bessie Mitchell House, 411 Ball Street, with the
following members present to-wit:
William D. Tate Mayor
Ted R. Ware Mayor Pro Tern
C. Shane Wilbanks Council Member
Clydene Johnson Council Member
Roy Stewart Council Member
Darlene Freed Council Member
constituting a quorum, with Council Member Sharron Spencer absent, with the following
members of the City Staff:
Roger Nelson City Manager
Bruno Rumbelow Assistant City Manager
Linda Huff City Secretary
Melisa Leal Assistant to the City Manager
Jennifer Hibbs Assistant to the City Manager
Rob Collins Bond Counsel
CALL TO ORDER
Mayor Tate called the special meeting to order at 7:30 p.m.
ITEM 1. ORDINANCE, AUTHORIZE ISSUANCE AND SALE OF COMBINATION TAX
AND TAX INCREMENT REINVESTMENT ZONE REVENUE CERTIFICATES
OF OBLIGATION SERIES 2000
City Manager Nelson stated that Vinson & Elkins, bond counsel, advised that the Texas
Attorney General's Office has completed their review of the of the Tax Increment Finance
(TIF) Reinvestment Zone No. 2 Certificates of Obligation Sale ordinance and related
transcript. Due to the complex nature of the Opryland TIF project, the Attorney General
advised bond counsel that the city needs to clarify its position with specific findings on two
issues prior to receiving the Attorney General's final approval for the bond sale. The two
issues: a specific finding that the project is financially feasible and a specific finding that
at the time the zone was created, not more than 10 percent of the property in the
reinvestment zone was used for residential purposes. The Feasibility Study as adopted
by the City Council defined both of the findings, but the Attorney General requires that the
findings be stated specifically in the ordinance.
07/24/00
City Manager Nelson recommended approval of the ordinance authorizing the issuance
and sale of City of Grapevine, Texas Combination Tax and Tax Increment Reinvestment
Zone Revenue Certificates of Obligation Series 2000, in the aggregate principal amount
of$31,580,000.00; approving the official statement; pledging Reinvestment Zone Number
Two Tax Increment Fund Revenues, levying a tax, and providing for the security for the
payment of said certificates.
Mayor Pro Tem Ware, seconded by Council Member Stewart, offered a motion to approve
the ordinance as recommended. The motion prevailed by the following vote:
Ayes: Tate, Ware, Wilbanks, Johnson, Stewart & Freed
Nays: None
Absent: Spencer
ADJOURNMENT
Council Member Wilbanks, seconded by Council Member Stewart, offered a motion to
adjourn the meeting at 7:35 p.m. The motion prevailed by the following vote:
Ayes: Tate, Ware, Wilbanks, Johnson, Stewart & Freed
Nays: None
Absent: Spencer
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE,
TEXAS on this the 15th day of August, 2000.
APPROVED:
William D. Tate
Mayor
ATTEST:
4t:41.4( *tee
Linda Huff
City Secretary
rt.
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