Res 146-2005 10/18/2005RESOLUTION NO. I L [�C - c — X0 5-
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS,
AUTHORIZING AN AGREEMENT WITH MCGRATH CREEK CROSSING LTD.
REGARDING THE DEVELOPMENT OF A COMMERCIAL COMPLEX WITHIN THE
TAX INCREMENT FINANCING REINVESTMENT ZONE #2; FINDING AND
DETERMINING THAT THE MEETING AT WHICH THIS RESOLUTION WAS PASSED
WAS OPEN TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, The City Council has created the Tax Increment Financing
Reinvestment Zone #2 for the purposes of encouraging economic development and
increasing the tax base; and
WHEREAS, the City Council wishes to pursue the development of public
infrastructure including streets, utilities, and drainage improvements; and
WHEREAS, such street construction is in conformance with the adopted
Thoroughfare Plan; and
WHEREAS, Such construction is in conformance with the Storm Water Drainage
Utility Project list; and
WHEREAS, The Tax Increment Financing Reinvestment Zone #2 Citizen's
Advisory Committee has recommended such an agreement in conformance with the
Project and Financial Plan; and
WHEREAS, McGrath Creek Crossing Ltd. Intends to complete a commercial
complex in conformance with the Project and Financial Plan, .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1 . The City Manager is hereby authorized to execute an Agreement
between the City and McGrath Creek Crossing, Ltd. regarding the development of a
commercial complex within the Tax Increment Financing Reinvestment Zone #2. Such
agreement includes the authorization of reimbursement from the eventual increment
created by the project. The exact amount is to be based on actual costs and to be
authorized by Ordinance at a later date.
SECTION 2 . It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 18th day of October, 2005.
K KAYOR
ATTEST:
ity Clerk