HomeMy WebLinkAboutRES TIF #1 2009-01 CITY OF GRAPEVINE
TAX INCREMENT FINANCE DISTRICT REINVESTMENT ZONE NUMBER ONE
RESOLUTION NO. TIF #1 2009-01
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, the Zone has facilitated the development of approximately 175 acres
of vacant land into over 1.5 million square feet of retail space through public
improvements including land acquisition, utility construction, grading, drainage, signal
improvements, retaining wall construction and pipeline relocation; 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
8th day of September, 2009.
APPROVED:
William D. Tate
Chairman/Mayor
ATTEST:
Lin Huff
City Secretary
APPROVED AS TO FORM:
Matthew Boyle
City Attorney
RES. NO. TIF #1 2009-01 2
EXHIBIT"A"TO RES. NO. TIF#1 2009-01
PAGE 1 OF 1
EXHIBIT A
"Amendments to Tax Increment Project and Financing Plan"
Amendments to the Project and Financing Plan are approved as follows:
1. Amend the Project Plan as follows:
Establish a TIF Grants Category pursuant to Texas Tax Code, Section
311.010, providing powers under Chapter 380, Local Government Code;
and
Limit payments of project costs pursuant to Texas Tax Code, Section
311.002 (1) (K) to the total contributions made by the City to the TIF Fund.
2. Amend the Financing Plan as follows:
Reflect the actual amount of bond indebtedness for public improvements
of$28,195,000 with a total principal and interest of$48,508,259.
Provide estimated TIF Grants costs of $14,295,661 based upon current
value of improvements.