Ord 090-207 10/2/2007 ORDINANCE NO. 90-2007
ORDINANCE MAKING AN APPROPRIATION FROM THE TAX
INCREMENT FINANCING (TIF) FUND #1 IN THE AMOUNT NOT TO
EXCEED TWENTY-FOUR THOUSAND AND TWO HUNDRED AND
FIFTY DOLLARS ($24,250.00) FOR MAJOR CAPITAL IMPROVEMENTS
AT 501 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
September 10 2007 to recommend funding the proposed project 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 $24,250.00 are to be appropriated
for major capital improvements to The Backdoor Theatre building situated at 501 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 twelve (12) months with
a review of progress at six (6) months after the effective date of this ordinance.
SECTION 4. The City Manager is authorized to execute an agreement with The Wichita
Falls Backdoor Players for the use of such Tax Increment Financing Reinvestment Zone #1
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 2" day of October, 2007.
�-
�
MAYOR
TEST:
City Clerk