HomeMy WebLinkAboutResolution No. 2011-090
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 2011 - 090
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, MAKING CERTAIN LEGISLATIVE FINDINGS
REGARDING REINVESTMENT ZONE NUMBER ONE, CITY OF THE
COLONY, TEXAS; PROVIDING A SEVERABILITY CLAUSE; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, after a public hearing held on November 8, 2011, the City Council (the
"City Council") of the City of The Colony, Texas (the "City"), approved Ordinance No. 2011-
1926, designating Reinvestment Zone Number One, City of The Colony, Texas (the "Zone") in
accordance with and pursuant to Chapter 311 of the Texas Tax Code, as amended (the "TIF
Act"); and
WHEREAS, on November 15, 2011, the City Council and the board of directors for the
Zone (the "Zone Board") approved the Final Project and Reinvestment Zone Financing Plan for
the Zone (the "Final Project and Finance Plan"); and
WHEREAS, the Final Project and Finance Plan provides that tax increment financing
under the TIF Act is an economic development tool that may be used to pay for: (i) public works
within and outside the Zone; (ii) public improvements within and outside the Zone; (iii)
programs for the public purpose of economic development within the Zone to facilitate and/or
pay for projects that benefit the Zone, develop and diversify the economy of the Zone, and
stimulate business and commercial activity within the Zone; including, but not limited to,
programs under Chapter 380, Texas Local Government Code, as amended; (iv) other projects
that benefit the Zone; and (v) costs and expenses incidental to the foregoing works,
improvements, programs, and projects (all of the foregoing are collectively referred to as the
"TIF Projects" and the costs thereof as "TIF Project Costs"); and
WHEREAS, Section 311.015 of the TIF Act authorizes the issuance of bonds, payable
as to both principal and interest from the tax increment fund in accordance with the TIF Act, and
authorizes the use of the proceeds from such bonds for the payment of "project costs" which are
defined by Section 311.002 of the TIF Act; and
WHEREAS, Section 311.002(1)(L) of the TIF Act, defines "project costs" to mean
"expenditures made or estimated to be made and monetary obligations incurred or estimated to
be incurred" by the City that are listed in the Final Project and Finance Plan as "costs of public
works, public improvements, programs, or other projects benefitting the [Z]one, plus other costs
incidental to those expenditures and obligations" including, but not limited to, payments made at
the discretion of the City Council that the City Council finds "necessary or convenient to the
implementation of the project plans for the [Z]one"; and
WHEREAS, on November 15, 2011, the City Council adopted Ordinance No. 2011-
1933 authorizing and approving the establishment and administration of any or all of the
Economic Development Programs defined and described in the Final Project and Finance Plan
for the public purposes of developing and diversifying the economy of the Zone and developing
business and commercial activity within the Zone; and, the City Council found and deterinined
that such Economic Development Programs are necessary and convenient to implement and
achieve the purposes of the Final Project and Finance Plan; and
WHEREAS, such Economic Development Programs include programs to make grants,
to the extent permitted by law, of certain TIF Projects and grants of any lawfully available money
from the Tax Increment Fund, as defined in the Final Project and Finance Plan; and
WHEREAS, the City intends to transfer certain TIF Projects to either the Developer, as
defined in the Final Project and Finance Plan, or to one or more end users of such projects (the
"End Users"), either through one of the Economic Development Programs or by sale, which sale
may be for less than fair market value; and the City and the Zone Board intend to enter into
certain transfer agreements (the "Private Trani fer Agreements") to accomplish such transfers;
and
WHEREAS, Section 311.008(b) of the TIF Act authorizes the City to exercise any power
necessary or convenient to carry out the TIF Act, including specifically the power to "acquire real
property by purchase, condemnation, or other means to implement project plans and sell that
property on the terms and conditions and in the manner it considers advisable" and to "enter into
agreements that [the City Council] determines to be necessary or convenient to implement
project plans and achieve their purposes"; and
WHEREAS, the City Council hereby finds and determines that the adoption of this
Resolution is in the best interests of the citizens of the City.
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. All capitalized terms used in this Resolution, including those used in the
preamble above, that are not otherwise defined shall have the meanings given to them in Section
2 of the Final Project and Finance Plan.
SECTION 3. The City Council hereby finds and determines that the TIF Projects and the
TIF Project Costs in the Final Project and Finance Plan, which specifically include:
• Public Works Projects consisting of. (1) site improvements including, but not
limited to, grading related to Public Works Projects; (ii) public infrastructure
inside and outside the Zone (e.g., water, sewer, roads, and utilities); (iii) storm
water retention, detention and related drainage improvements within the Zone;
(iv) municipal buildings within the Zone; (v) public parking facilities within the
Zone, and (vi) the acquisition of land for the foregoing; and
• Economic Development Projects consisting of (i) Public Works Projects not
otherwise financed by the Tax Increment Bonds; (ii) site improvements including,
but not limited to, grading within the Zone, (iii) the acquisition of all land within
the Zone that is not otherwise acquired in connection with the Public Works
95334793.2/11108553 -2-
Projects, the Type A Projects, or the Type B Projects; (iv) projects that will be
used as the retail portion of the Facility; (v) projects that will bring to the Zone
entertainment, tourism, recreation, and convention facilities that will attract
tourists, visitors, and shoppers from a wide geographic region; (vi) projects that
will bring to the Zone additional retail and commercial facilities; (vii) projects that
will bring to the Zone a second "super retail store"; and, (viii) public parking
facilities within the Zone; and/or
• Economic Development Programs consisting of (i) programs to make grants of
land, buildings, parking and Economic Development Projects in the Zone, and (ii)
programs to make grants of any lawfully available money from the Tax Increment
Fund to pay TIF Project Costs, all of which programs are for activities that benefit
the Zone and stimulate business and commercial activity in the Zone,
are necessary and convenient for the successful implementation of the Final Project and
Finance Plan.
SECTION 4. The City Council hereby finds and determines that the Public Works
Projects, the Economic Development Projects, and/or the Economic Development Programs
described above in Section 3 of this Resolution are each integral components of the
comprehensive plan for the development of the Zone and the success of the City's efforts in
developing the Zone depends on the ability to develop, construct, finance and convey such Public
Works Projects and Economic Development Projects, and to administer and finance such
Economic Development Programs, all as described in the Final Project and Finance Plan. The
City Council further finds and determines that financing such Public Works Projects, Economic
Development Projects, and Economic Development Programs are "project costs" under Section
311.002 the TIF Act, and such "project costs" may be financed with bond proceeds under the TIF
Act. The City Council further finds that the financing of such Public Works Projects, Economic
Development Projects, and Economic Development Programs in the mariner described in the
Final Project and Finance Plan constitute payments that are both necessary and convenient to the
implementation of the Final Project and Finance Plan.
SECTION 5. The City Council hereby finds and determines that it will be necessary in the
future to enter into certain Private Transfer Agreements with the Developer and/or End Users to
accomplish transfers of certain TIF Projects as contemplated by the Final Project and Finance Plan
and that such Private Transfer Agreements are necessary to implement and achieve the purposes of
the Final Project and Finance Plan.
SECTION 6. If any section, article paragraph, sentence, clause, phrase or word in this
Resolution, or application thereto to any persons or circumstances, is held invalid or
unconstitutional by a Court of competent jurisdiction, such holding shall not affect the validity of
the remaining portions of this Resolution; and the City Council hereby declare it would have passed
such remaining portions of this Resolution despite such invalidity, which remaining portions shall
remain in full force and effect.
SECTION 7. This Resolution shall become effective immediately upon passage.
95334793.3/11108583 - 3 -
I
I
PASSED AND APPROVED BY CITY COUNCIL OF THE COLONY, TEXAS,
THIS THE 6th DAY OF DECEMBER, 2011.
J e McCo ry, Mayor
ATTES
Fluristie Wilson, City Secretary
(SEAL)
APPROVED AS TO FORM:
J
{ Jeff Moore; City Attorney
95334793.2/11108583 S- 1 -