HomeMy WebLinkAbout16-1484 01-26-2016 RESOLUTION NO. 16-1484
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE
PARTICIPATION AGREEMENTS WITH TARRANT COUNTY AND
TARRANT COUNTY HOSPITAL DISTRICT FOR TAX INCREMENT
REINVESTMENT ZONE NUMBER FOUR, CITY OF EULESS, TEXAS.
WHEREAS, the general laws of the State of Texas authorize governmental taxing
entities to join other taxing jurisdictions in the establishment of a reinvestment zone under
the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code (the "Act"), to
provide incentive for the development and redevelopment of properties that might not be
undertaken without such incentive; and
WHEREAS, the Euless City Council approved Ordinance No. 2089, dated,
September 22, 2015, establishing Tax Increment Reinvestment Zone Number Four, City
of Euless, Texas, (the "Zone") in accordance with the Act, to promote development of
property in the Zone and the construction of new residential, commercial and retail
development by providing for infrastructure improvements through the use of tax
increment financing; and
WHEREAS, in accordance with the requirements of the Act, the Euless City
Council has given all applicable notices to the mutual taxing entities as to establishment
of the Zone and, through its appointed representatives, has made formal presentations
to the Tarrant County Commissioners Court of Trustees regarding the Zone; and
WHEREAS, on December 8, 2015, the Euless City Council approved Ordinance
No. 2096 adopting the Project and Financing Plan as approved by the Board of Directors
of Tax Increment Reinvestment Zone Number Four, City of Euless, Texas on November
30, 2015; and
WHEREAS, Tarrant County and Tarrant County Hospital District recognize that
participation in the creation of the Zone will have the desired effect of developing the area
to the benefit of all taxing units which levy taxes in the proposed Zone.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS, THAT:
SECTION 1.
The City of Euless, Texas City Council hereby authorizes the City Manager to
execute participation agreements with Tarrant County and Tarrant County Hospital District
as approved by the Tarrant County Commissioner's Court on January 19, 2016, for Tax
Increment Reinvestment Zone Number Four, City of Euless, Texas.
SECTION 2.
This resolution shall become effective immediately upon its passage and
approval.
ADOPTED AND APPROVED at the regular meeting of the Euless City Council
on the 26th day of January 2016, by a vote of _6 ayes, _o nays, and n
abstentions.
APPROVED: ATTEST:
.1
Lin actin, Mayor - i Sutter, TRMC, City Secretary
Resolution No. 16-1484,page 2 of 2