Ord 072-2001 8/7/2001ORDINANCE NO. tj I - Z06 I
ORDINANCE MAKING AN APPROPRIATION FROM THE TAX
INCREMENT FINANCING (TIF) FUND IN THE AMOUNT NOT TO
EXCEED SIX THOUSAND DOLLARS ($6,000) FOR A FEASIBILITY
STUDY FOR THE ADAPTIVE REUSE OF THE HOLT HOTEL AND
AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT;
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, at its July 25, 2001 meeting, the Tax Increment Financing (TIF)
Board voted to recommend to the City Council the award of an amount not to exceed
$6,000 for the purpose of contracting for a feasibility study for the adaptive reuse of the
Holt Hotel.
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 $6,000.00 be appropriated
for the purposes of completing a feasibility study.
SECTION 3. This commitment shall be in force for a period of six months after
the effective date of this ordinance.
SECTION 4. The City Manager is authorized to utilize Tax Increment Financing
funding from Reinvestment Zone #1 to provide these funds and to execute agreements
for this function.
SECTION 5. 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 7th day of August 2001.
AYOR
ATTEST: