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Ord 066-2003 7/15/2003ORDINANCE NO. W —c3L003 ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS, MAKING AN APPROPRIATION FROM THE TAX INCREMENT FINANCING (TIF) FUND IN THE AMOUNT NOT TO EXCEED FORTY THOUSAND DOLLARS ($40,000) TO NORTH TEXAS VISIONS OF WICHITA FALLS (VISIONS) FOR STAFFING AND OPERATIONAL PURPOSES AND AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT; 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 North Texas Visions of Wichita Falls (Visions) 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 $40,000.00 be appropriated to Visions for staffing and operations for a one year period. SECTION 3. The City Manager is authorized to utilize Tax Increment Financing funding from Reinvestment Zone #1 to provide these funds and to execute agreements for this function. 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 15th day of July, 2003. MAYOR A EST: n �-VLL _ ) n City Clerk