Ord 026-2007 3/20/2007 ORDINANCE NO. lQ �dO I
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, AMENDING THE PROJECT PLAN WITH TAX
INCREMENT FINANCE PLAN, DATED FEBRUARY, 1989 (ADOPTED
BY ORDINANCE #9-89) AND AUTHORIZING THE AMENDMENT OF AN
AGREEMENT DATED FEBRUARY 3, 1987 WITH THE WICHITA FALLS
INDEPENDENT SCHOOL DISTRICT (WFISD); PROVIDING
EXEMPTION FROM PARTICIPATION IN TAX INCREMENT FINANCING
REINVESTMENT ZONE #1 INCREMENT CONTRIBUTION FOR THE
REMAINING TIME UNTIL DISTRICT EXPIRATION ON DECEMBER 31,
2008; FINDING AND DETERMINING THAT THE MEETING AT WHICH
THIS ORDINANCE WAS PASSED WAS OPEN TO THE PUBLIC AS
REQUIRED BY LAW.
WHEREAS, based on recent information obtained from the Wichita County
Appraisal District and new requirements from the State Comptroller's office, WFISD's
funding will be negatively impacted with continued participation in the Tax Increment
Financing District Reinvestment Zone #1 (TIF Zone #1); and
WHEREAS, an Agreement exists that was authorized by Resolution # 22-86 and
dated February 3, 1987, whereby the WFISD agreed to participate in the TIF Zone #1;
and
WHEREAS, at its meeting of February 28, 2007, the Tax Increment Financing
Board of Directors for Reinvestment Zone #1 voted to recommend exempting the
WFISD from further participation in the increment contribution including the taxing years
of 2006 and 2007 and extending to the termination date of the Zone (December 31,
2008); and
WHEREAS, such action would amend the terms of the Project Plan with Tax
Increment Finance Plan previously adopted (Ordinance #9-89); and
WHEREAS, the City Council of the City of Wichita Falls, Texas, deems it
reasonable and in the public interest to authorize such exemption;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. The Project Plan with Tax Increment Finance Plan, Reinvestment
Zone #1, adopted by Ordinance #9-89, is hereby amended to exempt the Wichita Falls
Independent School District from further participation in the increment contribution
including the taxing years of 2006 and 2007 and extending to the termination date of
the Zone, December 31, 2008.
, .
SECTION 2. The City Manager is hereby authorized to execute an Amendment
to the Agreement dated February 3, 1986 with the Wichita Falls Independent School
District for such action.
SECTION 3 . The current fund balance as of this date of the TIF Zone #1 shall
be available for continued use in conformance with the Project Plan with Tax Increment
Finance Plan.
SECTION 4. 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 20th day of March, 2007.
�^ �.
MAYOR
ATTEST:
'ty Clerk
�
STATE OF TEXAS
COUNTY OF WICHITA
AMENDMENT TO AGREEMENT BETWEEN THE CITY OF WICHITA FALLS AND THE
WICHITA FALLS INDEPENDENT SCHOOL DISTRICT REGARDING INCREMENT
FUND CONTRIBUTION TO THE TAX INCREMENT FINANCING FUND,
REINVESTMENT ZONE #1, DATED FEBRUARY 3, 1987
This amendment is made and entered into by and befinreen the City of Wichita Falis,
hereinafter the °Cit�', and the Wichita Falls Independent School District, hereinafter
"VNFISD".
1. WFISD shall be exempted from further participation in the Tax Increment
Financing (TIF), Reinvestment Zone #1 increment contribution, including the
taxing years of 2006 and 2007 and extending to the termination date of the Zone,
December 31, 2008.
2. The City shall have the authority to utilize the existing fund balance as of the date
of this Amendment for further implementation of the TIF #1 Project Plan that was
approved by City Council on February 7, 1989.
3. WFISD shall make no claim to the unspent TIF #1 funds remaining at the
termination of the Zone on December 31, 2008.
Dated this 26th day of March 2007.
,
City of Wichita Falls Wichita Falls Independent School
District
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Darron er arry cott
City Manager President, Board of Trustees
Approved as to Form
Bill Sullivan
City Attomey
Attest Attest
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Lydi zuna Bob a on
City I rk Secretary, Board of Trustees