Res 098-2008 7/1/2008 RESOLUTION NO. ����
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS AUTHORIZING THE CITY MANAGER TO EXECUTE AN
EXTENSION TO THE TIMEFRAME FOR A TAX INCREMENT FINANCE
(TIF) FUND #1 CONTRACT WITH THE WICHITA FALLS BACKDOOR
PLAYERS FOR MAJOR CAPITAL IMPROVEMENTS TO THE
BACKDOOR THEATRE AT 501 INDIANA STREET; 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 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 June 10, 2008 to recommend an extension to the existing contract dated
December 3, 2007 for TIF #1 funding,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. The City Manager is authorized to execute a contract amendment
to an Agreement dated December 3, 2007 with The Backdoor Theatre to extend the
time of commencement of their construction project to no later than March 1, 2009.
SECTION 2. Distribution of the previously awarded Tax Increment Financing
funds in the amount of $24,250 as reimbursement based on documentation shall be no
later than September 30, 2009.
SECTION 3. 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 1 day of July, 2008.
,
i �. - �- - -
/- �_ .
PRO-TEM
ATTEST:
City Clerk