Ord 046-2005 6/21/2005ORDINANCE NO.
ORDINANCE MAKING AN APPROPRIATION FROM THE TAX
INCREMENT FINANCING (TIF) FUND IN THE AMOUNT NOT TO
EXCEED $9,500.00 FOR IMPROVEMENTS AT 711 INDIANA STREET;
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 at a meeting
held on May 25, 2005 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 $9,500.00 are to be
appropriated for the improvements at 711 Indiana Street. Payment is to be based on
the receipt of documented costs.
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 execute an agreement with the
owners of the property indicated as John Dickinson and Danny Ahern for the use of
such Tax Increment Financing 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 21st day of June, 2005.
MAYOR
ATTEST:
City Clerk