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HomeMy WebLinkAboutRES TIF #1 2016-001CITY OF GRAPEVINE TAX INCREMENT FINANCE DISTRICT REINVESTMENT ZONE NUMBER ONE RESOLUTION NO. TIF #1 2016-001 A RESOLUTION OF THE BOARD OF DIRECTORS OF TAX INCREMENT FINANCE DISTRICT REINVESTMENT ZONE NUMBER ONE APPROVING AMENDMENTS TO THE PROJECT AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF GRAPEVINE, TEXAS, 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 of the City of Grapevine, Texas (the "City") on June 4, 1996, the City created Tax Increment Finance District 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 and pursuant to Ordinance No. 2009-43, adopted by the City Council of the City on October 6, 2009, the City amended the Project and Financing Plan for the Zone; and WHEREAS, as authorized by Section 311.011(e) of the Act and pursuant to Ordinance No. 2015-074, adopted by the City Council of the City on December 15, 2015, the City extended the term of the Zone to December 31, 2038; and WHEREAS, as authorized by Section 311.011(e) of the Act and pursuant to Ordinance No. 2015-074, adopted by the City Council of the City on December 15, 2015, the City extended the boundaries to incorporate an additional 419 acres to the pre-existing 2425 acres for a total boundary of 661 acres; and WHEREAS, future development within the Zone will require additional support through the use of TIF Grants pursuant to Local Government Code Chapter 380; and WHEREAS, a TIF Grants Category is allowed pursuant to Texas Tax Code, Section 311.010, providing powers under Chapter 380, Local Government Code within the Zone; and WHEREAS, amendments to the Tax Increment Project and Financing Plan approved herein will not result in expenditures which exceed the amount of increment produced and paid into the Zone by the City; and WHEREAS, as authorized by Section 311.011(e) of the Act, the Board of Directors of the Zone at any time may adopt an amendment to the project plan consistent with the requirements and limitations of Chapter 311; and WHEREAS, the amendment to the Tax Increment Project and Financing Plan approved herein is in full compliance with Chapter 311; and WHEREAS, all statutory prerequisites for the passage of this Resolution have been met, including but not limited to Chapter 311 and the Texas Open Meetings Act. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF TAX INCREMENT FINANCE DISTRICT REINVESTMENT ZONE NUMBER ONE, 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 their entirety. Section 2. That the Tax Increment Project and Financing Plan is hereby amended by approval of Exhibit "A" entitled "Amendment to Tax Increment Project and Financing Plan" attached hereto and incorporated herein for all purposes. The Tax Increment Project and Financing Plan as amended is hereby approved. Section 3. That this resolution shall take effect from and after the date of its passage. PASSED AND APPROVED BY THE BOARD OF DIRECTORS OF TAX INCREMENT FINANCE DISTRICT REINVESTMENT ZONE NUMBER ONE on this the 19th day of January, 2016. APPROVED: William D. Tate Chairman/Mayor ATTEST: Tara Brooks City Secretary GRAPE\ vi ;m W ► r )c .- � a 2 RES. NO. 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