Res 104-2006 8/15/2006 RESOLUTION NO. n�' OD�p
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, AUTHORIZING AN AGREEMENT WITH WICHITA
COUNTY FOR THE TERMS AND DEVELOPMENT OF A TAX
INCREMENT FINANCING FUND FOR REINVESTMENT AREA #2;
FINDING AND DETERMINING THAT THE MEETING AT WHICH THIS
RESOLUTION WAS PASSED WAS OPEN TO THE PUBLIC AS
REQUIRED BY LAW.
WHEREAS, the City of Wichita Falls and Wichita County wish to promote
economic development and the improvement of public infrastructure through the
development or redevelopment of a certain contiguous geographic area; and
WHEREAS, the City created the Tax Increment Financing District, Reinvestment
Zone #2, by Ordinance #61-2005, following the requirements as codified in Chapter 311
of the Texas Tax Code, known as the Tax Increment Financing Act ("the ACT"); and
WHEREAS, the City County, and Wichita Falls Independent School District have
appointed members of the Board of Directors for the Zone consisting of five members,
three of which, including the chairman, shall be appointed by the City Council, one by
the Wichita County Commission, and one by the Wichita Falls Independent School
District.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. The City Manager is hereby authorized to execute an Agreement
with Wichita County for the terms and development of a Tax Increment Financing fund
for Reinvestment Zone #2.
SECTION 2. It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 15 day of August, 2006.
MAYOR
ATTEST:
�
'ty Clerk
STATE OF TEXAS §
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF WICHITA §
THIS AGREEMENT is made and executed in duplicate by and between the City
of Wichita Falls, Texas, P. O. Box 1431, Wichita Falls, Texas ("City"), and the County of
Wichita, Texas ("County"), 900 Seventh St., Wichita Falls, TX, 76301.
WITNESSETH:
1. RECITALS
WHEREAS, The City and County wish to promote economic development and
the improvement of public infrastructure through the development or redevelopment of
a certain contiguous geographic area; and
WHEREAS, a public hearing was conducted at 10:00 a.m. on the 18th day of
July, 2005, before the Wichita County Commissioner's Court, such date being at least
seven (7) days after the date of publication of the notice of such public hearing in a
newspaper of general circulation in the City of Wichita Falls; and,
WHEREAS, the City created the Tax Increment Financing District, Reinvestment
Zone #2 by Ordinance # 61-2005 following the requirements as codified in Chapter 311
of the Texas Tax Code and known as the Tax Increment Financing Act ("the ACT"); and
WHEREAS, the operation of the Zone began on August 16, 2005, and shall
terminate on July 31, 2025. The Zone may be renewed for an additional five (5) years,
or may terminate sooner by subsequent ordinance; and
WHEREAS, the City County, and Wichita Falls Independent School District have
appointed members of the Board of Directors for the Zone consisting of five (5)
members, three (3) of which, including the chairman, shall be appointed by the City
Council, one (1) by the Wichita County Commission, and one (1) by the Wichita Falls
Independent School District.; and
NOW, THEREFORE, in consideration of the mutual benefits to be derived from
this Agreement and of the representations, warranties, covenants, and conditions
contained herein, the parties agree as follows:
2. AGREEMENT
2.1 The County and the City agree that there is created a Tax Increment Fund
#2 for the Zone into which all tax increments shall be deposited.
,' - �
2.2 The tax increments shall be equal to one hundred percent of the amount of
property taxes levied for a year on the captured appraised value that is the
amount by which the current appraised value of all taxable real property
located in the Zone exceeds its tax increment base. The base shall be as
determined and certified in the Financial Plan as the 2004 values.
3. TERM OF AGREEMENT
This agreement is for a period of the operational life of the Tax Increment
Financing District, Reinvestment Zone #2.
IN WITNESS WHEREOF, the parties hereto have made and executed this Agreement
as of the month, day and year below written. It shall become effective upon the date
that both parties have signed the Agreement.
City: County:
City of Wichita Falls, Texas County of Wichita, Texas
Signature of Authorized Official Signature of Authorized Official
Title Title
Date: Date:
Attest: Attest:
City Clerk County Clerk
Approved as to Form:
Bill Sullivan, City Attorney
City of Wichita Falls