Ord 027-2001 3/20/2001ORDINANCE NO. ar} -;LEQ(
ORDINANCE MAKING AN APPROPRIATION FROM THE TAX
INCREMENT FINANCING (TIF) FUND IN THE AMOUNT NOT TO
EXCEED $4,485.00 FOR THE CONSTRUCTION OF IMPROVEMENTS
AT 506 SEVENTH STREET BY MARVIN GROVES II; 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, the Tax Increment Financing Board of Directors voted unanimously
at a meeting held on February 22, 2001 to recommend funding to the proposed plan to
the City Council.
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 $4,485.00 are to be
appropriated for the construction of improvements at 506 Seventh by Marvin Groves II.
Payment is to be based on cost figures after substantial improvements have been
made on the structure's interior.
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.
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 20th day of March 2001.
MAYOR
ATTEST:
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City Clerk