Ord 044-2000 5/2/2000ORDINANCE NO. J44 -omo
ORDINANCE MAKING AN APPROPRIATION FROM THE TAX INCREMENT
FINANCING (TIF) FUND IN THE AMOUNT NOT TO EXCEED $250,000 FOR
THE CONSTRUCTION OF THE MULTI - PURPOSE EVENTS CENTER
COLISEUM AND TO AUTHORIZE AN ANNUAL PAYMENT NOT TO
EXCEED $105,000 FOR DEBT SERVICING FOR A PERIOD NOT TO
EXCEED TWENTY YEARS; 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 April 13, 2000 to recommend additional 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 $250,000 to be appropriated
for the construction of the Multi- Purpose Events Center Coliseum.
SECTION 3. TIF Funds in the amount not to exceed $105,000 per year for up to
twenty years be authorized for debt servicing on certificates of obligation.
SECTION 4. This commitment shall be in force for a period of six months after
the effective date of this ordinance.
SECTION 5. The City Manager is authorized to utilize Tax Increment Financing
funding from Reinvestment Zone #1 to provide these funds.
SECTION 6. 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 2 "d day of May 2000.
ATTEST:
City Clerk