HomeMy WebLinkAboutReso 2016-02 TIRZ #4RESOLUTION NO. 2016 -02
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TAX INCREMENT REINVESTMENT ZONE NUMBER
FOUR, CITY OF EULESS, TEXAS APPROVING A REVISED
CONSTRUCTION, FUNDING, AND DEVELOPMENT
AGREEMENT WITH THE CITY OF EULESS AND CADG
901 AIRPORT FREEWAY, LLC.
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 (the "Zone "); and
WHEREAS, pursuant to Ordinance No. 2089 the City created the Board of
Directors for the Zone ( "TIRZ Board "); and
WHEREAS, CADG 901 Airport Freeway, LLC (the "Developer") has undertaken a
project to improve and develop a site of approximately 56 acres within the Zone as a first
class mixed use developmentwith urban residential and retail uses to be known as Euless
Midtown (the "Development"); and
WHEREAS, the Developer proposes to construct public improvements for the
benefit of the Development ( "Authorized Improvements ");
WHEREAS, the TIRZ Board has approved a project and financing plan for the
Zone which includes the Authorized Improvements for the Development; and
WHEREAS, the total revenue collected and required by the Act to be deposited
into a tax increment fund ( "TIRZ Fund ") each calendar year from participating taxing
entities is referred to herein as the "TIRZ Revenue'; and
WHEREAS, on January 27, 2016 the TIRZ Board approved a Construction,
Funding, and Development Agreement between the City of Euless, the Developer, and
the TIRZ Board for the purpose of funding the Authorized Improvements within the
Development; and
WHEREAS, the Developer has agreed to provide additional security to assure
construction of the Authorized Improvements and to provide for land utilized for the
Authorized Improvements to be conveyed to the City by warranty deed as set forth in a
revised Construction, Funding, and Development Agreement; and
WHEREAS, pursuant to the revised Construction, Funding, and Development
Agreement the City has agreed to loan to the TIRZ Board the proceeds from certificates
of obligation which will be placed in a Construction Fund that will be used to finance the
construction and acquisition of the Authorized Improvements and guarantee debt service
payments on the certificates of obligation; and
WHEREAS, the TIRZ Board finds that the revised Construction, Funding, and
Development Agreement provides for the same funding and payment provisions as the
original Construction, Funding, and Development Agreement and will furtherthe purposes
of the Zone and is necessary for the implementation of the project and financing plan for
the Zone.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
TAX INCREMENT REINVESTMENT ZONE NUMBER FOUR, CITY OF EULESS,
TEXAS, THAT:
SECTION 1.
The revised Construction, Funding, and Development Agreement between the
City of Euless, CADG 901 Airport Freeway, LLC, and the TIRZ Board is hereby authorized
and approved.
SECTION 2.
The Construction, Funding, and Development Agreement between the City of
Euless, the Developer, and the TIRZ Board approved by the TIRZ Board on January 27,
2016 is hereby rescinded.
SECTION 3.
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 Four, City of Euless, Texas on the 27.- day of
')Xo,q. &A1 , 2016 by a vote of 5 ayes, p nays, and D abstentions.
APPROVED:
Qjncl,afflartin, Chair, Bo Directors
Reinvestment Zone Number Four, City of Euless, Texas
ATTE T:
5
Ki Sutter, Board Secretary