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HomeMy WebLinkAboutItem 10 - Tax Increment Finance District No. 1 t S ITEM # -- --- MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: BRUNO RUMBELOW, CITY MANAGER!6�— MEETING DATE: SEPTEMBER 21, 2010 SUBJECT: INTERLOCAL AGREEMENT BETWEEN THE CITY OF GRAPEVINE AND TARRANT COUNTY HOSPITAL DISTRICT CONCERNING TAX INCREMENT FINANCE DISTRICT NO. 1 RECOMMENDATION: City Council to consider a resolution approving an Interlocal Agreement between the City of Grapevine and Tarrant County Hospital District concerning Tax Increment Finance District No. 1 . FUNDING SOURCE: Excess funds from TIF #1 fund. BACKGROUND: 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 excess funds are available to pay all outstanding debt obligations of the TIF fund, the City agrees to refund the Hospital District's current contribution up to 100% of the amount paid. Staff recommends approval. MEMO TO: HONORABLE MAYOR AND MEMBERS OF T, THE CITY COUNCIL FROM: BRUNO RUMBELOW, CITY MANAGER t>r MEETING DATE: SEPTEMBER 21 , 2010 SUBJECT: INTERLOCAL AGREEMENT BETWEEN THE CITY OF GRAPEVINE AND TARRANT COUNTY COLLEGE DISTRICT CONCERNING TAX INCREMENT FINANCE DISTRICT NO. 1 RECOMMENDATION: City Council to consider a resolution approving an Interlocal Agreement between the City of Grapevine and Tarrant County College District concerning Tax Increment Finance District No. 1 . FUNDING SOURCE: Excess funds from TIF #1 fund. BACKGROUND. 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 excess funds are available 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. Staff recommends approval. MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL 2, FROM: BRUNO RUMBELOW, CITY MANAGER�)� MEETING DATE. SEPTEMBER 21, 2010 SUBJECT: INTERLOCAL AGREEMENT BETWEEN THE CITY OF GRAPEVINE AND TARRANT COUNTY CONCERNING TAX INCREMENT FINANCE DISTRICT NO. 1 RECOMMENDATION: City Council to consider a resolution approving an Interlocal Agreement between the City of Grapevine and Tarrant County concerning Tax Increment Finance District No. 1. FUNDING SOURCE: Excess funds from TIF #1 fund. BACKGROUND: 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 excess funds are available to pay all outstanding debt obligations of the TIF fund, the City agrees to refund the County's current contribution up to 100% of the amount paid. Staff recommends approval. INTERLOCAL AGREEMENT BETWEEN THE CITY OF GRAPEVINE, TEXAS AND TARRANT COUNTY HOSPITAL DISTRICT CONCERNING TAX INCREMENT FINANCE DISTRICT NO. 1 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 Hospital District, a political subdivision of the State of Texas (the "Hospital District"), desire to enter into an Interlocal Agreement in accordance with the Texas Government Code Chapter 791; and WHEREAS, the City and the Hospital District have in the past worked closely together coordinating various public projects of both entities; and WHEREAS, the City and the Hospital District have previously entered into a Participation Agreement (the "TIF Agreement") relative to Tax Increment Finance District No. 1 ("TIF No. 1"). NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged and the mutual promises herein, the City and the Hospital District do hereby contract and agree as follows: 1. 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. II. 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 Hospital District's current contribution up to 100% of the amount paid. III. 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. IV. The TIF Agreement shall remain in full place and effect. V. This Agreement shall remain in effect throughout the term and life of TIF No. 1. VI. Each provision and clause required by law to be inserted in this 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. VII. All payments made hereunder shall be paid for with current funds of the entity doing the work. EXECUTED this 21 st day of September, 2010. Mayor, City of Grapevine. Date City Secretary City of Grapevine Tarrant County Hospital District 2 CZ ., RESOLUTION NO. `- A RESOLUTION OF THE CITY OF GRAPEVINE, TEXAS APPROVING THE INTERLOCAL AGREEMENT WITH TARRANT COUNTY HOSPITAL 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 Hospital District, a political subdivision of the State of Texas (the "Hospital District"), desire to enter into an Interlocal Agreement in accordance with the Texas Government Code Chapter 791; and WHEREAS, the City and the Hospital District have in the past worked closely together coordinating various public projects of both entities; and WHEREAS, the City and the Hospital 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 Hospital 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 S. 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 21 st day of September, 2010. APPROVED: ATTEST: APPROVED AS TO FORM: RES. NO. 2 INTERLOCAL AGREEMENT BETWEEN THE CITY OF GRAPEVINE, TEXAS AND TARRANT COUNTY COLLEGE DISTRICT CONCERNING TAX INCREMENT FINANCE DISTRICT NO. 1 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, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged and the mutual promises herein, the City and the College District do hereby contract and agree as follows: I. 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. II. 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. III. 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. IV. The TIF Agreement shall remain in full place and effect. V. This Agreement shall remain in effect throughout the term and life of TIt= No. 1 . VI. Each provision and clause required by law to be inserted in this 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. VII. All payments made hereunder shall be paid for with current funds of the entity doing the work. EXECUTED this 21st day of September, 2010. Mayor, City of Grapevine Date City Secretary City of Grapevine Tarrant County College District 2 co RESOLUTION NO. A RESOLUTION OF THE CITY OF GRAPEVINE, TEXAS APPROVING THE 1NTERLOCAL 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: ATTEST: APPROVED AS TO FORM: RES. NO. 2 INTERLOCAL AGREEMENT BETWEEN THE CITY OF GRAPEVINE, TEXAS AND TARRANT COUNTY CONCERNING TAX INCREMENT FINANCE DISTRICT NO. 1 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, a political subdivision of the State of Texas (the "County"), desire to enter into an Interlocal Agreement in accordance with the Texas Government Code Chapter 791; and WHEREAS, the City and the County have in the past worked closely together coordinating various public projects of both entities; and WHEREAS, the City and the County have previously entered into a Participation Agreement (the "TIF Agreement") relative to Tax Increment Finance District No. 1 ("TIF No. 1"). NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged and the mutual promises herein, the City and the County do hereby contract and agree as follows: 1. 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. 11. 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 County's current contribution up to 100% of the amount paid. III. 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. IV. The TIF Agreement shall remain in full place and effect. V. This Agreement shall remain in effect throughout the term and life of TIE No. 1. VI. Each provision and clause required by law to be inserted in this 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. VII. All payments made hereunder shall be paid for with current funds of the entity doing the work. EXECUTED this 21St day of September, 2010. Mayor, City of Grapevine Date City Secretary City of Grapevine Tarrant County 2 "rK RESOLUTION NO. A RESOLUTION OF THE CITY OF GRAPEVINE, TEXAS APPROVING THE INTERLOCAL AGREEMENT WITH TARRANT COUNTY 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, a political subdivision of the State of Texas (the "County"), desire to enter into an Interlocal Agreement in accordance with the Texas Government Code Chapter 791; and WHEREAS, the City and the County have in the past worked closely together coordinating various public projects of both entities; and WHEREAS, the City and the County 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 County'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 5. 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 S. 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: ATTEST: APPROVED AS TO FORM: RES. NO. 2