HomeMy WebLinkAbout2015-01 TIRZ #4 RESOLUTION NO. 2015-01 TIRZ#4
A RESOLUTION APPROVING THE PROJECT AND
FINANCING PLAN FOR TAX INCREMENT
REINVESTMENT ZONE NUMBER FOUR, CITY OF
EULESS, TEXAS — EULESS MIDTOWN
WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and
pursuant to Ordinance No. 2089, adopted by the City Council of the City of Euless, Texas
(the "City") on September 22, 2015, the City created Tax Increment Reinvestment Zone
Number Four, City of Euless, Texas — Euless Midtown (the "Zone"); and
WHEREAS, pursuant to Ordinance No. 2089, the City created the Board of
Directors for the Zone ("TIRZ Board"); and
WHEREAS, the Board of Directors shall make recommendations to the City
Council concerning the administration, management and operation of the Zone; and
WHEREAS, the Board of Directors shall prepare and adopt a project and financing
plan and submit such plan to the City Council for its approval; and
WHEREAS, the Board has provided a presentation on the preliminary project and
financing plan; and
WHEREAS, the Board finds that the preliminary project and financing plan is
feasible and encourages further development within the Zone; and
WHEREAS, the Board finds that the preliminary project and financing plan
includes all information required by Section 311.001(b) and (c) of the Act;
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
TAX INCREMENT REINVESTMENT ZONE NUMBER FOUR, CITY OF EULESS,
TEXAS — EULESS MIDTOWN, THAT:
SECTION 1.
The project and financing plan for Tax Increment Reinvestment Zone Number
Four, City of Euless, Texas — Euless Midtown is hereby approved.
SECTION 2.
The Chairperson of the Board is authorized to sign this resolution on the Board's
behalf.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF EULESS,
TEXAS — GLADE PARKS, THAT:
SECTION 1.
The Glade Lifestyle Agreement is hereby authorized and approved.
SECTION 2.
The 380 Loan Agreement is hereby authorized and approved.
SECTION 3.
All TIRZ Revenue that accrues in the TIRZ Fund shall be dedicated for payment
of the City's annual debt service as a priority payment over all other lawful expenditures
of the TIRZ Fund as set forth in the Glade Lifestyle Agreement and 380 Loan Agreement.
SECTION 4.
This Resolution shall take effect immediately from and after its passage and it is
accordingly so resolved.
PASSED AND APPROVED at a meeting of the Board of Directors of the Tax
Increment Reinvestment Zone Number Three, City of Euless, Texas — Glade Parks on
the 30 day of November 2015 by a vote of 6 ayes, 0 nays, and abstentions.
APPROVED:
a artin, Chair oard of Directors
Tax Increment Reinvestm one Number Three, City of Euless, Texas — Glade Parks
ATTEST:
c
im utter, Board Secretary
Resolution No. 2015-03 TWO, Page 2 of 2