HomeMy WebLinkAboutResolution No. 89-02 CITY OF THE COLONY, TEXAS
RESOLUTION NO. 0
A RESOLUTION DECLARING THAT THE CITY OF THE COLONY,
TEXAS ELECTS TO BECOME ELIGIBLE TO PARTICIPATE IN TAX
ABATEMENT IN ACCORDANCE WITH THE PROPERTY REDEVELOPMENT
AND TAX ABATEMENT ACT (ARTICLE 1066f, SEC. 2A(a),
VERNON'S TEXAS CIVIL STATUTES).
WHEREAS, the enhancement of the local economy is in the best
interest of the citizens of The Colony, Texas; and
WHEREAS, the creation of specified tax abatement zones will
be reasonable likely to contribute to the retention or expansion
of primary employment or to attract major investment that would
be a benefit to the property and that would contribute to the
economic development of the City of The Colony, Texas; and
WHEREAS, the Property Redevelopment and Tax Abatement Act
(Article 1066f, Section 2A(a), Vernon's Texas Civil Statutes, as
amended), allows cities to establish local criteria for the
creation of tax abatement zones;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS:
Section 1. That all of the above premises are found and
determined to be true and correct and are incorporated into the
body of this Resolution as if copied in teir entirety.
Section 2. The City of The Colony, Texas, pursuant to
the Property Redevelopment and Tax Abatement Act, hereby elects
to become eligible to participate in tax abatement.
Section 3. The criteria and guidelines governing tax
abatement agreements are, in part, set forth in the Comprehensive
Policy Statement for Economic Development Incentives as adopted
by the City Council of the City of The~olony, Texas.
DULY PASSED AND APPROVED this ~day of~z~~_1989.
Don Amick, ~ayor
ATTEST:
Patti A. Hicks, City Secretary