HomeMy WebLinkAboutResolution No. 99-08 ORIGINAL
C TY oF THE COLONY, Tr. XAS
RESOLUTION NO. .%Og
A ~SOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, T~g~ OI~CTI~G T~IT THY CITY M~IG~R I$~U~ ~
~OTICE TO TH~ T~ ~UTHO~TIES ~VI~ ~SOlCTIO~
OVER CERTAIN ~AL PROPERTY WITHIN THE CITY ~G~ING
THE CITY'S INTENT, AT A LATER DATE, TO CONSIDER THE
EST~LISHMENT OF A T~ INC~MENT FINANCING
~INVESTMENT ZONE O~R SUCH ~ PROPERTY PURSUANT
TO THE T~ INC~MENT FINANCE ACT (CHAPTER 311, TE~S
T~ CODE); PROVIDING THAT THE CITY CO~CIL IS NOT
~QUI~D TO TA~ FUTU~ ACTION OR EST~LISH A T~
INC~MENT FINANCING ~INVESTMENT ZONE; PROVIDING ~
EFFECTI~ 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, which Property includes,
among other real property, an area generally known as Austin Ranch ("Austin Ranch"); and
WHEREAS, the City will likely desire to promote the development of the Property,
including Austin Ranch, 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 Lewisville 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 to the governing
bodies of each taxing unit that levies real property taxes in the proposed reinvestrnent zone
(Lewisville Independent School District and the County of Denton):
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Document #: 828953
(a) That the City Council intends, at a later date, to consider the establishment of a
reinvestment zone for the Property including, without limitation, Austin Ranch, 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 Lewisville 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 project plan (a copy of which is to this Resolution 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 financing plan attached to this Resolution as
Exhibit B).
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 ,~4~THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS THIS THE c~ ~ - day of Jg"J ~ , 1999.
Mayor William Manning ~
City of The Colony, Texas
ATTEST:
By...~~- ~ ~f/'~
Patti Hicks, City Secretary
APPROVED AS TO FORM:
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Document #. 82895J