Ord 089-2007 10/2/2007 ORDINANCE NO. 89-2007
ORDINANCE MAKING AN APPROPRIATION FROM THE TAX
INCREMENT FINANCING (TIF) FUND #1 IN AN AMOUNT NOT TO
EXCEED EIGHT THOUSAND AND FIVE HUNDRED DOLLARS
($8,500.00) FOR COMPLETED IMPROVEMENTS AT 402 SCOTT
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 on a TtF #1 Zone
funding request at 402 Scott Street at a meeting held on September 10 2007, having a split
vote the Board forwarded the request to City Council for final determination of eligibility.
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 $8,500.00 are to be appropriated for
the completed improvements to the building and property at 402 Scott 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 (6) months after the
effective date of this ordinance.
SECTION 4. The City Manager is authorized to execute an agreement with the owner
of the property indicated as Micky Miser 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.
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MAYOR
ATTEST: -
City Clerk