Ord 044-2005 6/21/2005ORDINANCE NO. 44 - C �660
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, MAKING AN APPROPRIATION FROM THE TAX
INCREMENT FINANCING (TIF) FUND IN THE AMOUNT NOT TO
EXCEED FORTY THOUSAND DOLLARS ($40,000) TO NORTH TEXAS
VISIONS OF WICHITA FALLS (VISIONS) /DOWNTOWN WICHITA
FALLS DEVELOPMENT, INC. (DWFD, INC.) FOR STAFFING AND
OPERATIONAL PURPOSES AND AUTHORIZING THE CITY MANAGER
TO EXECUTE A CONTRACT; 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 Incremenl`. 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 North Texas Visions of Wichita
Falls (VISIONS) /Downtown Wichita Falls Development, lnc.(DWFD, Inc.) to the City
Council.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIIL 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 $40,000.00 be appropriated
to VISIONS /DWFD,Inc. for staffing and operations for a one year period.
SECTION 3. The City Manager is authorized to utilize Tax Increment Financing
funding from Reinvestment Zone #1 to provide these funds and to execute agreements
for this function.
SECTION 4. 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