Res 199-86 12/16/1986V
RESOLUTION NO. (R I
RESOLUTION APPROVING AND AUTHORIZING THE CITY
MANAGER TO EXECUTE A CONTRACT WITH THE COUNTY
OF WICHITA, STATE OF TEXAS CONCERNING ALLOCA-
TION OF A PORTION OF THE TAX INCREMENT TO BE
COLLECTED FROM REINVESTMENT ZONE NUMBER ONE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, THAT:
That certain agreement, a copy of which is attached hereto,
between the City of Wichita Falls and the County of Wichita,
providing for a 15% reduction in the tax increment which the
County contributes to the tax increment fund for Reinvestment
Zone Number One is hereby approved, and the City Manager is
authorized to execute the same for the City of Wichita Falls.
PASSED AND APPROVED this the 16th day of December, 1986 .
1 , ,,
M A Y O R
ATTEST:
City Clerk
r7 Y.
STATE OF TEXAS X
COUNTY OF WICHITA X
AGREEMENT WITH WICHITA COUNTY FOR
REDUCTION OF INCREMENT FUND CONTRIBUTION
TO TAX INCREMENT FINANCING REINVESTMENT
ZONE NUMBER ONE, WICHITA FALLS, TEXAS
This agreement is made and entered into by and between the
City of Wichita Falls, Texas , hereinafter called "City" , and
the County of Wichita, hereinafter called "County" ;
WITNESSETH:
WHEREAS, the City has created and designated "Reinvestment
Zone Number One" under the authority of the Tax Increment
Financing Act of 1981, Vernon' s Ann. Civ. St. Art. 1066e, as
amended by Acts 1983 , 68th Leg. ; and,
WHEREAS, the Tax Increment Financing Act requires each
taxing unit which taxes real property within the zone to contri-
bute to the tax increment fund for the zone an amount equal
to the tax increment produced by the unit, less a portion, not
to exceed fifteen (15%) percent, of the tax increment produced
as provided by the reinvestment zone financing plan.
NOW, THEREFORE, the parties hereto do hereby agree as fol-
lows:
The "County" shall provide for the collection of its taxes
in Reinvestment Zone Number One as for any other property taxed
by the "County" , and shall pay into the tax increment fund for
the zone an amount equal to 85% of tax increment produced by
the "County" .
IN WITNESS WHEREOF, the parties hereto have caused these
presents to be executed this the day of
1986 .
CITY OF WICHITA FALLS, TEXAS
By:
James Berzina, City Manager
ATTEST:
Wilma J. Thomas, City Clerk
COUNTY OF WICHITA
By:
Nick Gipson, County Judge
ATTEST:
Lydia Torres, Commissioners '
Clerk