HomeMy WebLinkAbout04-1166 01-27-2004RESOLUTION NO. 04 -1166
WHEREAS, the City Council of the City of Euless, Texas (the "City ") desires to
stimulate and encourage business development with the City;
WHEREAS, the strategic multi -use development of the approximately 220 acre
property generally located on the northwest corner of State Highway 360 and State
Highway 183 that is currently owned by Bear Creek Associates II and III as represented
by Bennett Realty Group, Inc. (the "Subject Property ") would result in and promote
economic development within the City;
WHEREAS, the desired multi -use development of the Subject Property may not
occur but for the City and the owner and /or developer(s) of the Subject Property
entering into one or more agreements (such as agreements under Section 380.001 of
the Texas Local Government Code, tax abatement agreements, tax increment
financing, among other vehicles) that would result in a sharing of certain City tax
revenues from the Subject Property on the condition that the owner /developer(s) of the
Subject Property develop and maintain the Subject Property as specified in such
agreement(s) (collectively, "Economic Development Agreements ").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS:
SECTION 1
THAT the City Council envisions and intends to consider the City's entering into
one or more Economic Development Agreements with respect to the Subject Property
upon being presented with a comprehensive master plan for the mixed -use
development of Subject Property that would include retail, office, hotel, residential and
entertainment uses and that would envision the Subject Property becoming a local and
regional destination site.
PASSED AND APPROVED by the City Council of the City of Euless, Texas,
Tarrant County, on this the 27th day of January, 2004, by a vote of 5 ayes 2
nays, and 0 abstentions.
APPROVED:
,
Mary Lib Saleh, Mayor
ATTEST:
Ir
usan Crim, r ?C, City Secretary
c