The URL can be used to link to this page

Home My WebLink AboutResolution No. 2015-057 CITY OF THE COLONY,TEXAS RESOLUTION NO. 2015- 057 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, MAKING FINDINGS RELATED TO THE COLLECTION OF SALES TAX WITHIN TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF THE COLONY, TEXAS; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, on November 8, 2011, the City Council adopted Ordinance No. 2011-1926 creating Tax Increment Reinvestment Zone Number One, City of The Colony, Texas (the "TIRZ"); and WHEREAS, Ordinance No. 2011-1926 provided that the TIRZ would terminate on the earlier of(i) the 40th anniversary of the date the City collects its first sales tax dollar within the TIRZ and attributable to the Facility (as defined in the preliminary finance plan for the TIRZ (the "Preliminary Finance Plan")), or (ii) the date on which all TIF Project Costs (as defined in the Preliminary Finance Plan) have been paid or funded and all TIF Obligations (as defined in the Preliminary Finance Plan), including interest thereon, have been paid in full; and WHEREAS, the City collected its first sales tax dollar within the TIRZ attributable to the Facility (as defined in the Preliminary Finance Plan) on March 5, 2015. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY,TEXAS,THAT: SECTION 1. The findings set forth above are incorporated into the body of this Resolution as if fully set forth herein. SECTION 2. The City Council hereby finds that the City collected its first sales tax dollar within the TIRZ attributable to the Facility (as defined in the Preliminary Finance Plan) on March 5, 2015. SECTION 3. This Resolution shall become effective immediately upon passage. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY,TEXAS,THIS THE 7th DAY OF JULY,2015. � G J McCou , Mayor 1775.010\48284.1 ATT2, eL2 AA., /(-}A).42Z ,..„.•,,,,,,,,,,,,, 0f THS Christie Wilson, City Secretary •�; ► APPROVED ASTOFa '.'' . ' _i SEN.* i Vp. Aillalik - •••TE.......d. eff Moore, i ity Attorney "' Page 2 1775.010\48284.1