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Res 200-86 12/16/1986RESOLUTION NO. jp6, a e RESOLUTION APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT WITH THE WICHITA FALLS INDEPENDENT SCHOOL DISTRICT CONCERNING ALLOCATION 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 Wichita Falls Indepen- dent School District, providing for the allocation and payment over to such District 15% of the tax increment to be collected from 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 . M A Y O R ATTEST: City Clerk STATE OF TEXAS X COUNTY OF WICHITA X AGREEMENT WITH WICHITA FALLS INDEPENDENT SCHOOL DISTRICT FOR REDUCTION OF INCREMENT FUND CONTRIBUTION TO TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE, WICHITA FALLS, TEXAS This agrement is made and entered into by and between the City of Wichita Falls, Texas, hereinafter called "City" , and Wichita Falls Independent School District, hereinafter called District" ; 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 "District" shall provide for the collection of its taxes in Reinvestment Zone Number One as for any other property taxed by the "District" , and shall pay into the tax increment fund for the zone an amount equal to 85% of tax increment pro- duced by the "District" . 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 WICHITA FALLS INDEPENDENT SCHOOL DISTRICT By: Donald H. Wills, President Board of Trustees, Wichita Falls Independent School District ATTEST: William S. Spears, Secretary RESOLUTION NO. OG -a6( RESOLUTION APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT WITH THE WICHITA FALLS INDEPENDENT SCHOOL DISTRICT CONCERNING ALLOCATION 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 Wichita Falls Indepen- dent School District, providing for the allocation and payment over to such District 15% of the tax increment to be collected from 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 Decemoer, 1986 . J. ., M A Y O R ATTEST: AY.4/)2_4)):' /A--e7YLA City Clerk STATE OF TEXAS X COUNTY OF WICHITA X AGREEMENT WITH WICHITA FALLS INDEPENDENT SCHOOL DISTRICT FOR REDUCTION OF INCREMENT FUND CONTRIBUTION TO TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE, WICHITA FALLS, TEXAS This agrement is made and entered into by and between the City of Wichita Falls, Texas, hereinafter called "City" , and Wichita Falls Independent School District, hereinafter called District" ; 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 "District" shall provide for the collection of its taxes in Reinvestment Zone Number One as for any other property taxed by the "District" , and shall pay into the tax increment fund for the zone an amount equal to 85% of tax increment pro- duced by the "District" . 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 WICHITA FALLS INDEPENDENT SCHOOL DISTRICT By: Donald H. Wills, President Board of Trustees, Wichita Falls Independent School District ATTEST: William S. Spears, Secretary