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Ord 5-2002 1/3/2002ORDINANCE NO. T,� - aP-n3- ORDINANCE MAKING AN APPROPRIATION FROM THE TAX INCREMENT FINANCING FUND IN AN AMOUNT NOT TO EXCEED $500,000 TO THE WICHITA COUNTY HERITAGE SOCIETY REGARDING THE HOLT HOTEL; FINDING AND DETERMINING THAT THE MEETING AT WHICH THIS ORDINANCE WAS PASSED WAS OPEN TO THE PUBLIC AS REQUIRED BY LAW. WHEREAS, the City Council of the City of Wichita Falls finds there is a need to support economic development in the City and adopted Tax Increment Financing Zone #1 in 1986; and, WHEREAS, the proposed project is consistent with the Project Plan for the Reinvestment Zone #1; and, WHEREAS, the Tax Increment Financing Board of Directors voted unanimously at a meeting held on December 19, 2001 to recommend funding to the proposed plan to the City Council subject to conditions. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS, THAT: SECTION 1. The preamble stated above is made part of this ordinance. SECTION 2. TIF funds in an amount not to exceed $500,000.00 are to be authorized to the Wichita County Heritage Society for improvements at 600 Eighth Street subject to the following conditions: 1. $300,000 is appropriated for development of architectural plans through the bidding process to determine construction costs. 2. Transfer of title to the Holt shall pass to the Wichita County Heritage Society prior to the expenditure of funds. 3. $200,000 shall be appropriated to the project after all other project funding commitments are realized, and as the TIF fund has sufficient fund balances. SECTION 3. It is hereby officially found and determined that the meeting at which this ordinance was passed was open to the public as required by law. PASSED AND APPROVED this the 3rd day of January, 2002. " L Z� MAYOR ATTEST: City Clerk