HomeMy WebLinkAbout2015-02 TIRZ #3 RESOLUTION NO. 2015-02 TIRZ#3
A RESOLUTION APPROVING DEDICATION OF REVENUE
FROM TAX INCREMENT REINVESTMENT ZONE NUMBER
THREE, CITY OF EULESS, TEXAS — GLADE PARKS TO THE
CITY OF EULESS, TEXAS.
WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the"Act") and pursuant
to Ordinance No. 1892, adopted by the City Council of the City of Euless, Texas (the "City") on
November 9, 2010, the City created Tax Increment Reinvestment Zone Number Three, City of
Euless, Texas —Glade Parks, (the "Zone"); and
WHEREAS, pursuant to Ordinance No. 1892 the City created the Board of Directors for
the Zone; and
WHEREAS, the Board of Directors shall make recommendations to the City Council
concerning the administration, management and operation of the Zone; and
WHEREAS, on July 30, 2015, the Board of Directors approved the amended project and
financing plan for the Zone; and
WHEREAS, the amended project and financing plan details the infrastructure costs
eligible for reimbursement by the Zone; and
WHEREAS, the City's bonded indebtedness will increase for the purpose of paying
contractual obligations to be incurred for(i)street improvements, including drainage, landscaping,
curbs, gutters, sidewalks, entryways, park and park amenities, signage, lighting and traffic
signalization indicated thereto and the acquisition of land and rights-of-way thereof; and (ii)
professional services rendered in relating to such projects and the financing thereof; and
WHEREAS, the costs are eligible costs for reimbursement by the Zone and are consistent
with Chapter 311 of the Texas Tax Code; and
WHEREAS,the Board agrees that the costs are eligible reimbursement costs by the Zone
and dedication of all Zone revenue towards the reimbursement of costs incurred by the City is
consistent with Chapter 311 of the Texas Tax Code; and
WHEREAS, the Board finds that the dedication of revenue from the Zone will further the
purposes of the Zone and facilitate implementation of the project and financing plan;
NOW THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT REINVESTMENT
ZONE NUMBER THREE, CITY OF EULESS, TEXAS — GLADE PARKS BOARD OF
DIRECTORS, THAT:
Section 1. The City shall have priority of payment from the Zone and that all revenue
collected by the Zone shall be dedicated towards reimbursement for the certificates of obligation
bonds issued for the purpose of paying contractual obligations within the Zone.
Section 2. The Chairperson of the Board is authorized to sign this resolution on the
Board's behalf.
Section 3. This resolution shall take effect upon immediately from and after its
passage.
APPROVED at a meeting of the Tax Increment Reinvestment Zone Number 3, City of
Euless, Texas — Glade Parks Board of Directors on the 3011 day of July 2015 by a vote of 5
ayes, 0 nays, and 0 abstentions.
APPROVED: ATTEST:
(J-)M;�4
Lin Fri n, Chair i Sutter, Ctfy Secretary
Resolution No. 2015-02 TIRZ#3 Page 2 of 2