HomeMy WebLinkAbout2015-01 TIRZ #3 RESOLUTION NO. 2015-01 TIRZ#3
A RESOLUTION APPROVING AN AMENDED PROJECT
AND FINANCING PLAN FOR TAX INCREMENT
REINVESTMENT ZONE NUMBER THREE, CITY OF
EULESS, TEXAS —GLADE PARKS.
WHEREAS, on November 9, 2010, the City Council passed Ordinance No. 1892
designating Tax Increment Reinvestment Zone Number Three, City of Euless, Texas —
Glade Parks, ("Zone") and created a board of directors for the Zone; and
WHEREAS, on November 22, 2010, the Board of Tax Increment Reinvestment
Zone Number Three, City of Euless, Texas — Glade Parks ("TIRZ Board") adopted the
Project and Financing Plan (the "Plan") for the Zone and forwarded the Plan to the City
Council for consideration; and
WHEREAS, on November 23, 2010, the City Council adopted Ordinance No. 1894
approving the Project and Financing Plan for the Zone; and
WHEREAS, Section 311.011(e) of the Texas Tax Code allows the board of
directors of a TIRZ to recommend an amendment to a project plan for the Zone so long
as the amendment is consistent with the requirements and limitations of Chapter 311 of
the Tax Code and is approved by the governing body of the municipality that created the
zone; and
WHEREAS, accordingly, the TIRZ Board wishes to amend the Plan because 1)
Project costs increased; and 2) City bonded indebtedness will increase, and further
recommends that the Plan, as amended, be approved;
NOW THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT
REINVESTMENT ZONE NUMBER THREE, CITY OF EULESS, TEXAS — GLADE
PARKS BOARD OF DIRECTORS, THAT:
Section I. That the facts and recitations contained in the preamble of the
Resolution are found and declared to be true and correct.
Section 2. That the Plan, as amended, includes all information required by
Sections 311.011(b) and (c) of the Act.
Section 3. That the Plan, as amended, is feasible and the amended and restated
project plan conforms to the City's master plan.
APPROVED at a meeting of the Tax Increment Reinvestment Zone Number 3,
City of Euless, Texas — Glade Parks Board of Directors on the 30th day of July 2015 by a
vote of 5 ayes, 0 nays, and 0 abstentions.
APPROVED: ATTEST:
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t=in-da"Ntarfin, Chair im utter, ity Secretary