HomeMy WebLinkAboutResolution No. 99-09 ORIP NAL
CITY OF THE COLONY, TEXAS
RESOLUTION NO. ~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS DIRECTING THAT THE CITY MANAGER ISSUE A
NOTICE TO THE TAXING AUTHORITIES HAVING JURISDICTION
OVER CERTAIN REAL PROPERTY WITHIN THE CITY REGARDING
THE CITY'S INTENT, AT A LATER DATE, TO CONSIDER THE
ESTABLISHMENT OF A TAX INCREMENT FINANCING
REINVESTMENT ZONE OVER SUCH REAL PROPERTY PURSUANT
TO THE TAX INCREMENT FINANCE ACT (CHAPTER 311, TEXAS
TAX CODE); PROVIDING THAT THE CITY COUNCIL IS NOT
REQUIRED TO TAKE FUTURE ACTION OR ESTABLISH A TAX
INCREMENT FINANCING REINVESTMENT ZONE; PROVIDING AN
EFFECTIVE DATE
WHEREAS, there is located within the City of The Colony, Texas (the "City") a
contiguous geographic area which contains certain real property (the "Property") described in
Exhibit A attached hereto and incorporated herein for all purposes; and
WHEREAS, the City will likely desire to promote the development of the Property
through a series of public/private investments in a tax increment reinvestment zone which may
be created by the City pursuant to the Tax Increment Financing Act, Chapter 311, Texas Tax
Code (the "Act"); and
WHEREAS, the Little Elm Independent School District and the County of Denton levy
real property taxes on the Property likely to be included within the boundaries of the said tax
increment reinvestment zone; and
WHEREAS, the City desires to give notice to all taxing units likely to be affected by the
creation of the proposed tax increment reinvestment zone of the boundaries likely to be
considered for the tax increment fund by such taxing units.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS:
Section 1. The above and foregoing premises are true and correct and are
incorporated herein and made a part hereOf for all purposes.
Section 2. The City Manager of the City is directed to give notice (in the general
form attached hereto as Exhibit B) to the governing bodies of each taxing unit that levies real
property taxes in the proposed reinvestment zone (Little Elm Independent School District and the
County of Denton):
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Documem #: 823953
(a) That the City Council intends, at a later date, to consider the establishment of a
reinvestment zone for the Property pursuant to the Act; and
(b) That the boundaries to be considered for the proposed reinvestment zone for the
Property are those shown on the map attached as Exhibit A and incorporated herein, which map
shall be incorporated within the notice;
(c) That the proposed portion of the tax increment of the Little Elm Independent
School District to be paid to the tax increment fund is 100%, and the proposed portion of the tax
increment of the County of Denton to be paid to the tax increment fund is 100%;
(d) That the tentative plans for the development or redevelopment of the Property are
as set forth in the notice attached hereto as Exhibit B; and
(e) Of an estimate of the general impact of the prOposed zone on property values and
tax revenues (which estimate is as set forth in the notice attached hereto as Exhibit C).
Section 3. This Resolution shall take effect immediately from and after its passage in
accordance with law and it is accordingly so resolved.
Section 4. This Resolution does not require the City Council to take future action or
establish a tax increment financing district.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS THIS THE ,~~ day of ^/'~7 ¢~,~' ,1999.
Mayor William Manning
City of The Colony, Texas
ATTEST:
Patti Hicks, City Secretary
APPROVED AS TO FORM:
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Documenl #: 828953