HomeMy WebLinkAbout88-676 04-12-1988RESOLUTION NO, 88.- 676
A RESOLUTION OF THE GOVERNING BODY OF THE CITY OF
EULESS, TEXAS, REPEALING RESOLUTION NO. 84-568
WHICH PREVIOUSLY DESIGNATED AS AN ELIGIBLE
BLIGHTED AREA UNDER THE DEVELOPMENT
CORPORATION ACT OF 1979, AS AMENDED, CERTAIN
PROPERTIES WITHIN THE CORPORATE LIMITS OF THE CITY
OF EULESS, TEXAS.
WHEREAS, the Texas Development Corporation Act of 1979, as amended, (the
"Act ") authorized the City Council of the City of Euless, Texas, to designate certain
areas within the corporate limits of such City as "Eligible Blighted Areas "; and
WHEREAS, upon such designation certain commercial projects within such area
became eligible for financing through the proceeds of sale of federally tax exempt
bonds as issued by the Euless Non - Profit Industrial Development Authority under
provisions of the United States Internal Revenue Code; and
WHEREAS, the City Council of the City of Euless, Texas, through the adoption
of Resolution No. 84 -568, did designate certain portions of the City of Euless, Texas,
as Eligible Blighted Areas so as to afford and extend to commercial projects within
such areas the availability of financing capital improvement and equipment costs
through proceeds of tax exempt bonds; and
WHEREAS, pursuant to such Resolution, the Act, and the Internal Revenue Code
provisions, several commercial projects within the City of Euless, Texas, were
undertaken and completed utilizing the favorable tax exempt financing so afforded;
and
WHEREAS, however, through adoption of the Omnibus Tax Reform Act of 1986,
the United States Congress by amendment of the Internal Revenue Code, did
thereafter prohibit utilization of such tax exempt financing for commercial projects
within such designated areas, therefore rendering such blighted area designations
ineffective and no longer necessary; and
WHEREAS, the City Council of the City of Euless, Texas, desires to rescind
such Resolution No. 84 -568 and the Eligible Blighted Area designation therein made,
same having been made solely for the purpose of enabling such tax exempt financing
of commercial projects within such area, which purpose is rio longer permitted under
the Internal Revenue Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS, that Resolution No. 84 -568 heretofore adopted by the City
Council of the City of Euless, Texas, on June 26, 1984, be, and the same is, herewith
and hereby rescinded in its entirety.
PASSED AND APPROVED on this the 12th day of April , 1988.
ATTEST:
Kay Rai 'ey, City Sec
MRM:0079a:ms1:32988
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APPROVED:
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Harold Samuels, Mayor
RESOLUTION NO. 88 -676
RESOLUTION RESCINDING DESIGNATION OF BLIGHTED AREAS
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