HomeMy WebLinkAbout2015-03 TIRZ #3RESOLUTION NO. 2015-03 TIRZ#3
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TAX INCREMENT REINVESTMENT ZONE NUMBER
THREE, CITY OF EULESS, TEXAS — GLADE PARKS
APPROVING A DEVELOPMENT AND 380 AGREEMENT
WITH THE CITY OF EULESS AND GLADE LIFESTYLE,
LLC; APPROVING A 380 LOAN AGREEMENT WITH THE
CITY OF EULESS; AND APPROVING THE DEDICATION
OF REVENUE IN THE TIRZ FUND 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 ("TIRZ Board"); and
WHEREAS, Ruby-12-Gladeretail, LLC ("Developer") has undertaken a project to
improve and develop a site of approximately 193 acres within the Zone as a regional
mixed use development (the "Development"); and
WHEREAS, Glade Lifestyle, LLC ("Glade Lifestyle") is the owner of approximately
12.457 acres within the Development upon which it proposes to construct a multistory
public parking garage, park, and park amenities (the "Planned Improvements"); and
WHEREAS, the TIRZ Board has approved a project and financing plan for the
Zone which includes the Planned Improvements; 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, the Euless City Council has approved a Development and 380
Agreement between the City, Glade Lifestyle, and the TIRZ Board ("Glade Lifestyle
Agreement") whereby the City has agreed to loan the TIRZ Board sufficient funds to pay
for the incentives set forth in the Glade Lifestyle Agreement (the "Loan Amount") subject
to repayment being made to the City from the TIRZ Fund as TIRZ Revenue accrues; and
WHEREAS, the Euless City Council has also approved a 380 Agreement between
the City and the TIRZ Board ("380 Loan Agreement") setting forth the details of the loan
arrangement; and
WHEREAS, the TIRZ Board finds that the use of TIRZ Revenue in the TIRZ Fund
to pay the City's debt service for the Loan Amount will further the 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 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 0 abstentions.
APPROVED:
rtin, Chairman, : oar•'•f Directors
Tax Increment Reinvestment Zone Number Three, City of Euless, Texas — Glade Parks
ATTEST:
/ �-
Sutter, Board Secretary
Resolution No. 2015-03 TIRZ#3, Page 2 of 2