HomeMy WebLinkAboutRES 2010-029 RESOLUTION NO. 2010-29
A RESOLUTION OF THE CITY OF GRAPEVINE, TEXAS
APPROVING THE INTERLOCAL AGREEMENT WITH
TARRANT COUNTY COLLEGE DISTRICT CONCERNING
TAX INCREMENT FINANCE DISTRICT NO. 1 AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Grapevine, Texas, a Texas Home Rule City created
pursuant to Texas Constitution Article 11 Section 5, (the "City") and Tarrant County
College District, a political subdivision of the State of Texas (the "College District"),
desire to enter into an Interlocal Agreement in accordance with the Texas Government
Code Chapter 791; and
WHEREAS, the City and the College District have in the past worked closely
together coordinating various public projects of both entities; and
WHEREAS, the City and the College District have previously entered into a
Participation Agreement (the "TIF Agreement") relative to Tax Increment Finance
District No. 1 ("TIF No. 1").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That all matters stated hereinabove are found to be true and correct
and are incorporated into the body of this agreement as if copied in their entirety.
Section 2. That beginning on or before June 1, 2010 on an annual basis and
after receipt by the City of all TIF allocations, the City agrees to review the accounts for
TIF No. 1. If such accounting confirms that there are sufficient funds to pay all
outstanding debt obligations of the TIF fund, the City agrees to refund the College
District's current contribution up to 100% of the amount paid.
Section 3. That any excess funds paid to TIF No. 1 by any jurisdiction will be
refunded on a paid in basis by that jurisdiction. All refund payments will be made by
June 1, of each review year, or within thirty (30) days of receipt of the TIF payment(s) to
the City by the taxing jurisdiction(s), whichever is later.
Section 4. That the TIF Agreement shall remain in full place and effect.
Section 5. That this resolution shall remain in effect throughout the term and
life of TIF No. 1.
Section 6. That each provision and clause required by law to be inserted in
this Interlocal Agreement shall be deemed to be so inserted and the Agreement shall be
read and enforced as though each were included. If through mistake or otherwise any
such provision is not inserted or is not correctly inserted, the Agreement shall be
amended to make such insertion on application of either party.
It is understood and agreed by the parties that if any part, term or provision of
this Agreement is held by the courts to be illegal or in conflict with any law of this state,
the validity of the remaining portions or provisions shall not be affected, and the rights
and obligations of the parties shall be construed and enforced as if the Agreement did
not contain the particular part, term or provision held to be invalid.
Section 7. That all payments made hereunder shall be paid for with current
funds of the entity doing the work.
Section 8. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this 21st day of September, 2010.
APPROVED:
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William D. Tate
Mayor
ATTEST:
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Linda Huff
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
RES. NO. 2010-29 2