HomeMy WebLinkAboutOrdinance No. 2011-1936CITY OF THE COLONY, TEXAS
ORDINANCE NO. 2011-1936
WHEREAS, the City Council of the City of the Colony, Texas, (the "City Councif' and
the "City") desires to promote economic development of a certain geographic area within its
jurisdiction designated as a reinvestment zone pursuant to the Tax Increment Financing Act,
Chapter 311 of the Texas Tax Code, as amended (the "TIFAct"); and
WHEREAS, the City Council of the City adopted Ordinance No. 2011-1926 on
November 8, 2011 designating a certain geographic area within its jurisdiction as a reinvestment
zone named the "Tax Increment Reinvestment Zone Number One, City of The Colony, Texas"
(the "Zone"), in accordance with the TIF Act; and
WHEREAS, the City Council of the City and the board of directors of the Zone intend to
contract with a local government corporation (the "LGC"') created under Chapter 431 of the
Texas Transportation Code, as amended, for the management of the Zone and the
implementation of the project and financing plan for the Zone as authorized by the TIF Act,
including the financing of projects within the Zone for and on behalf of the City; and
WHEREAS, The Colony Economic Development Corporation (the "Type A
Corporation") and The Colony Community Development Corporation (the "Type B
Corporation") also desire to promote economic development within the Zone and each intend to
finance or refinance projects authorized under Subtitle C1 of the Texas Local Government Code,
as amended; and
WHEREAS, the City Council of the City, desires to proceed with confidence that its
proposed bond issuances, contracts and actions taken or planned in support of its economic
development initiatives within the Zone are lawful, valid, and enforceable; and
WHEREAS, Chapter 1205 of the Texas Government Code, as amended, permits the City
and other issuers of public securities to seek expedited declaratory judgment concerning such
matters.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS:
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SECTION 1. FINDINGS.
That the facts and recitations contained in the preamble of this Ordinance are hereby
found and declared to be true and correct legislative findings and are adopted as part of this
Ordinance for all purposes.
SECTION 2. AUTHORIZING THE CITY MANAGER OR CITY ATTORNEY
TO BRING A DECLARATORY JUDGMENT LAWSUIT AND TO TAKE ALL
ACTIONS NECESSARY TO OBTAIN DECLARATORY JUDGMENT.
That the City Council of the City does hereby authorize the City Manager or City
Attorney to take all necessary actions to initiate and file a declaratory judgment lawsuit, together
with the LGC, the Type A Corporation and the Type B Corporation, pursuant to the provisions of
Chapter 1205 of the Texas Government Code, as amended, and to take all actions necessary to
validate, to the fullest extent of the law, the bond issuances, contracts, and actions taken or
planned to be taken in support of economic development initiatives within the Zone, whether
those bonds, contracts, or actions are issued or taken by the City or an entity created by the City.
SECTION 3.. PUBLIC MEETING.
It is officially found, determined and declared that the meeting at which this Ordinance is
adopted was open to the public and public notice of the time, place, and subject smatter of the
public business to be considered at such meeting, including this Ordinance, was given, all as
required by Chapter 551 of the Texas Goverm-rent Code, as amended.
SECTION 4. EFFECTIVE DATE.
This Ordinance shall take effect immediately upon its passage and it is accordingly so
ordained.
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PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, THIS 15th AY OF NOVEMBER, 2011.
APPROVED AS TO Falb:
N N,
Jeff l~ o re, City A.ttomey
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City Manager's Fiscal Impact Statement
Ordinance Directing Filing of
Declaratory Judgment Lawsuit (Bond Validation Lawsuit)
November 15, 2011
Any costs associated with this measure for the first three years and thereafter will be offset by the
future tax revenue generated by the development.
The fiscal impact schedule for the Bond Validation Suit will be approximately $250,000. Then costs are
projected based on a regular and routine suit. Any appeals or additional work will require further
funding.
I roy- ,Powell
City Manager
1775.010\241.93.1