HomeMy WebLinkAbout08-1292 10-14-2008RESOLUTION NO. 08 -1292
A RESOLUTION OF THE CITY OF EULESS, TEXAS, SUPPORTING
LEGISLATION ALLOWING CITIES TO PARTICIPATE IN JOINT TAX
INCREMENT FINANCING DISTRICTS.
WHEREAS, cities throughout the state are trying to promote and revitalize
development corridors that have been important in the initial image and development of
a community; and
WHEREAS, businesses, churches, schools, retailers and major industries have
traditionally located on major corridors and have provided needed sales and property
tax growth for the proper development of many cities; and
WHEREAS, cities are looking for ways to fund needed public infrastructure
improvements to stimulate private reinvestment and revitalize significant development
corridors; and
WHEREAS, many cities are seeking tax increment financing districts (TIF's) to
provide a mechanism for funding needed public improvements along major
redevelopment corridors; and
WHEREAS, in many cases city limit lines fall directly adjacent to major
thoroughfares and cities are seeking ways to provide equal development opportunities
and a level playing field for revitalization of both sides of a major development corridor;
and
WHEREAS, current state law prohibits neighboring cities from participating in
joint tax increment financing districts and legislation is needed to allow cities with
contiguous city limits along major redevelopment corridors to participate in joint tax
increment financing districts in order to coordinate public improvements and revitalize
redevelopment corridors.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS:
SECTION 1
THAT the City of Euless support legislation amending the Tax Increment
Financing District Code to allow multiple cities to participate in joint tax increment
financing districts.
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on
the 14th day of October, 2008, by a vote of 7 ayes, 0 nays, and o
abstentions.
APPROVED:
Mary Lib S eh, Mayor
ATTEST:
Susan Crim, T
•
MC, City Secretary
Resolution No. 08 -1292, Page 2 of 2