Res 055-2011 6/21/2011 RESOLUTION NO. 55-2011
Resolution Endorsing An Application To The Wichita Falls 4B Sales
Tax Corporation For Expenditures Related To The Rhea/Call
Field/Lawrence Road Realignment Project
WHEREAS, it is estimated that the total cost of the Rhea/Call Field/Lawrence
Road realignment project will be $3.2 million, including property acquisition and
demolition, construction, and contingency costs, and
WHEREAS, Tax Increment Financing (TIF) District #2 and the 4B Sales Tax
Corporation are both sources of potential funding and this project is an eligible project
for each; however, neither of these finro funding sources currently have the available
fund balances to finance this project with cash, but each entity can finance a portion a
of the project, and
WHEREAS, the 4B Sales Tax Corporation can pay the debt service on certificate
of obligation bonds with TIF #2 repaying that debt service to the extent funds become
available in the TIF Fund.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
The City Council endorses an application to the 4B Sales Tax Corporation Board
for funding for the Rhea/Call Field/Lawrence Road Realignment Project.
PASSED AND APPROVED this the 21 day of June, 2011.
C�-.�
MAYOR
ATTEST:
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i Clerk