Ord 004-2004 1/6/2004ORDINANCE NO. L -
ORDINANCE AMENDING THE TAX INCREMENT FINANCE AWARD TO
THE HOLT HOTEL PROJECT REGARDING AUTHORIZED
EXPENDITURES; 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 is interested in the improvement of the downtown
area and the improvement of the tax base; and
WHEREAS, Tax Increment Financing funding in an amount not to exceed
$500,000 was authorized for the rehabilitation of the Holt Hotel, including $300,000 for
the development of architectural plans, and $200,000 for project costs after project
funding commitments were realized, and
WHEREAS, architectural plans have been completed at a cost: less than
$300,000, and all project funding commitments have been realized.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT
SE CTION 1. The remainder of the original $500,000 allocation may be utilized
for eligible project costs.
SE CTION 2 . The City Manager is hereby authorized to execute an agreement
with the Wichita County Heritage Society for the use of such funding.
SE CTION 3 . 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 6th day of January, 2004.
MAYOR
ATTEST:
City Clerk