Ord 003-2004 1/6/2004ORDINANCE NO. 3 -2004
ORDINANCE MAKING AN APPROPRIATION FROM THE TAX
INCREMENT FINANCING FUND IN AN AMOUNT NOT TO EXCEED
$50,000 TO THE STUDIO HOTEL, ALSO KNOWN AS THE LASALLE
APARTMENTS, A PROJECT OF R.C. GRAHAM. INC.: 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 and created the Tax Increment Financing Zone #1 in
1986, and
WHEREAS, the proposed project at 530 Seventh St. is consistent with the
Project Plan for the Reinvestment Zone #1; and
WHEREAS, the Tax Increment Financing Board voted unanimously at a meeting
held on December 15, 2002, to recommend the proposed plan to the City Council
subject to conditions.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT
SECTION 1 . Tax Increment Financing funds in an amount not to exceed
$50,000.00 are to be authorized for improvements to the Studio Hotel, also known as
the LaSalle Crossing Apartments, a project of R.C. Graham, Inc.
SECTION 2. The City Manager is authorized to execute an agreement for the
use of such funds.
SECTION 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.
P0, k. �Q
MAYOR
MIRL x.91
alt��Va ) Iwo)
City Clerk
J