Ord 66-2010 11/16/2010 ORDINANCE NO. 66 -2010
Ordinance Amending the Composition of Board of Directors of Tax
Increment Financing District, Reinvestment Zone #2
WHEREAS, The City Council encourages and finds a need to support economic
development or redevelopment within its jurisdiction and specifically within the Tax
Increment Financing Districts, Reinvestment Zones, as codified in Chapter 311 of the
Texas Tax Code and known as the Tax Increment Financing Act ( "the ACT "); and
WHEREAS, the City Council adopted Tax Increment Financing (TIF) District,
Reinvestment Zone #2 via Ordinance No. 61 -2005 on August 16, 2005, initially providing
for a member of the TIF Board to be appointed by the Wichita Falls Independent School
District (WFISD), but since that date, the WFISD has opted to not participate in Tax
Increment Financing District #2 due to potential State funding penalties and therefore
does not desire to have Board membership.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
1. The first paragraph of Section 5 of Ordinance No. 61 -2005 is hereby amended
to add the underlined text and delete the stricken text as shown below:
SECTION 5. The City hereby creates a Board of Directors for the Zone, which
shall consist of five (5) members, at least three (3) of which shall be appointed by
the City Council and two (2) one (1) by the Wichita County Commissioners Court
_ _ _ _ !' _ . Three Board
members shall have initial appointments terminating on December 31, 2007. Two
Board members shall have initial appointments terminating on December 31,
2006. All subsequent appointments shall be made for two year staggered terms.
In the event that no successor has been appointed by December 31 of any year,
such member shall continue to serve until his or her successor is appointed.
PASSED AND APPROVED this the 16 day of November, 2010.
Ca-L-4...... &Lk—
MAYOR ,,
ATTEST:
11 111\ i
ity Clerk