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Ord 067-2003 7/15/2003ORDINANCE NO. (01-OWS ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS, MAKING AN APPROPRIATION FROM THE TAX INCREMENT FINANCING (TIF) FUND IN AN AMOUNT NOT TO EXCEED $7,000.00 FOR IMPROVEMENTS AT 615 EIGHTH 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 June 25, 2003 to recommend funding to the proposed plan 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 $7,000.00 are to be appropriated to the improvements at 615 Eighth 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 months after the effective date of this ordinance. SECTION 4. The City Manager is authorized to utilize Tax Increment Financing funding from Reinvestment Zone #1 to provide these 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 15th day of July, 2003.