Res 009-2010 1/19/2010 RESOLUTION NO. ("�q -201C�
Resolution Authorizing An Agreement With Wichita County For The
Terms And Development Of A Tax Increment Financing Fund For
Reinvestment Area #3.
WHEREAS, the City of Wichita Falls and Wichita County wish to promote
economic development and the improvement of public infrastructure through the
development or redevelopment of a certain contiguous geographic area; and
WHEREAS, the City created the Tax Increment Financing District, Reinvestment
Zone #3, by Ordinance #59-209, following the requirements as codified in Chapter 311
of the Texas Tax Code, known as the Tax Increment Financing Act ("the ACT"); and
WHEREAS, the City and County have appointed members of the Board of
Directors for the Zone consisting of seven members, five of whom (including the
chairman) were appointed by the City Council and two by the Wichita County
Commission.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
The City Manager is hereby authorized to execute the attached Agreement with
Wichita County for the terms and development of a Tax Increment Financing fund for
Reinvestment Zone #3, with such changes as are approved by the City Attorney.
PASSED AND APPROVED this the 19 day of January, 2010.
MAYOR
ATTEST:
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ity Clerk
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STATE OF TEXAS §
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF WICHITA §
THIS AGREEMENT is made and executed in duplicate by and between the City
of Wichita Falls, Texas, P. O. Box 1431, Wichita Falls, Texas ("City"), and the County of
Wichita, Texas ("County"), 900 Seventh St., Wichita Falls, TX, 76301.
WITNESSETH:
1. RECITALS
WHEREAS, The City and County wish to promote economic development and
the improvement of public infrastructure through the development or redevelopment of
- a certain contiguous geographic area; and
WHEREAS, a public hearing was conducted at 10:00 a.m. on the 10th day of
August, 2009, before the Wichita County Commissioner's Court; and,
WHEREAS, a second public hearing was conducted at 8:30 a.m. on the 1 day
of September, 2009, before the Wichita Falls City Council; and such date being at least
seven (7) days after the date of publication of the notice of such public hearing in a
newspaper of general circulation in the City of Wichita Falls; and,
WHEREAS, the City created the Tax Increment Financing District, Reinvestment
Zone #3 by Ordinance # 59-2009 following the requirements as codified in Chapter 311
� of the Texas Tax Code and known as the Tax Increment Financing Act ("the ACT"); and
WHEREAS, the operation of the Zone began on September 1, 2009, and shall
terminate on December 31, 2029. The Zone may be renewed for an additional five (5)
k years, or may terminate sooner by subsequent ordinance; and
i
;
� WHEREAS, the City and County have appointed members of the Board of
Directors for the Zone consisting of seven (7) members, five (5) of which, including the
chairman, shall be appointed by the City Council, and two (2) by the Wichita County
Commission; and,
NOW, THEREFORE, in consideration of the mutual benefits to be derived from
this Agreement and of the representations, warranties, covenants, and conditions
� contained herein, the parties agree as follows:
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2. AGREEMENT
The County and the City agree that there is created a Tax Increment Fund #3 for the
Zone into which all tax increments shall be deposited.
The tax increments shall be equal to one hundred percent of the amount of property
taxes levied for a year on the captured appraised value that is the amount by which the
� current appraised value of all taxable real property located in the Zone exceeds its tax
increment base. The base shall be as determined and certified in the Financial Plan as
the 2010 values.
3. TERM OF AGREEMENT
This agreement is for a period of the operational life of the Tax Increment
Financing District, Reinvestment Zone #3.
IN WITNESS WHEREOF, the parties hereto have made and executed this Agreement
; as of the month, day and year below written. It shall become effective upon the date
- that both parties have signed the Agreement.
City: County:
C� o ichita Fall , exas County of Wichita, Texas
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Si e of A o ze fficial Signature of Auth rized Off ' I
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Title Title �el �94fJ� 766-glfFl ��'ax (5�4�) 766-8Z89
; Date: I_ � / " I � Date: — � ��
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� est: Attest:
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� City I rk County Clerk, 1.,E�,�.f �
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Ap d a� For •
' es ' ey, Atto , City of Wichita Falls
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