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Home My WebLink AboutORD 2008-63 - Rivery Park TIRZ*RDINANCENO. AN ORDINANCE ORDINANCE 2007-91 RIVERY PARK TAX INCREMENT REINVESTMENT ZONE; AMENDING THE MEMBERSHIP OF BOARD OF DIRECTORS AND THE PERCENTAGE OF THE TAX INCREMENT DEDICATED TO THE TAX INCREMENT FUND ; WILLIAMSON COUNTY;CONTAINING PROVISIONS RELATED TO THE FOREGOING SUBJECT;PROVIDING SEVERABILITY CLAUSE. WHEREAS, Brae Group, LTD ("Developer") is the owner of approximately 31.935 acres of land in the Rivery Park Subdivision, Georgetown, Texas ("Developer's Property"); and WHEREAS, Developer's Property is adjacent to Rivery Park, a public park owned by the City ("City's Property"); and WHEREAS, after holding the requisite public hearings and notifying the other taxing authorities, on December 11, 2007 the City Council approved an ordinance creating a Tax Increment Reinvestment Zone on the Developer's Property and the City's Property (the "Zone"); and WHEREAS, the City has adopted a preliminary reinvestment zone project and financing plan at the time of creation of the Zone, which plan provides that a portion of City of Georgetown and Williamson County ad valorem taxes constituting their tax increment are to be deposited into the hereinafter created tax increment fund; and WHEREAS, on June 30, 2008, the City Council approved Resolution 063008-A expressing the City's intent to contribute the City's tax increment toward improvements within the Zone; and WHEREAS, on September 9, 2008, the City Council approved a Tax Increment Financing Agreement with Williamson County whereby the County and the City each agreed to their respective tax increment contributions for qualified improvements in the Zone, and to certain conditions related to such contribution commitments; and WHEREAS, in light of the changed circumstances outlined above, it is necessary to amend Ordinance No. 2007-91 to reflect the recent actions of the City Council and the Williamson County Commissioner's Court. THEREFORE,NOW ORDAINED BY THE CITY COUNCILOF OF • • Ordinance No.A(709" 103 Rivery Park Tax Increment Reinvestment Zone Page 1 of 4 Section 1. Findings. That the facts and recitations contained in the preamble of this Ordinance are hereby found and declared to be true and correct and are adopted as part of this Ordinance for all purposes. Section 2. That Section 3 of Ordinance 2007-91 relating to the Board of Directors is hereby amended and revised to provide as follows: Section 3. Board of Directors. That there is hereby created a Board of Directors for the Zone, which shall consist of nine (9) members, as required by Section 311.009(b) of the Texas Tax Code. The City Council of the City of Georgetown shall appoint five (5) members to the Board of Directors and, pursuant to the Tax Increment Financing Agreement dated September 16, 2008 by and between the City of Georgetown and Williamson County, the Commissioners Court of Williamson County shall appoint two (2) members to the Board of Directors. The State Representative and State Senator, or their designees, within whose district the Zone is located are also members of the Board of Directors, however they may choose to allow the Commissioners Court of Williamson County to choose their designees. Five of the initial members of the Board of Directors shall serve two year terms and the remaining four initial members of the Board of Directors shall serve one year terms. The City Council of the City of Georgetown shall determine which positions serve two year terms and which serve one year terms at the time the initial appointments are made to the Board of Directors. All subsequent appointments shall be appointed for two-year terms. The City Council of the City of Georgetown shall designate one of the initial members of the Board of Directors to serve as chair of the Board of Directors for the term beginning on the effective date of the Zone, and ending upon the expiration of the initial term of that member. Thereafter the City Council shall annually nominate and appoint a member to serve as chair for a term of one year beginning January 1 of the following year. The City Council authorizes the Board of Directors to elect from its members a vice chairman and such other officers as the Board of Directors sees fit. Notwithstanding the foregoing, the term of any City Council member, County Judge or County Commissioner serving on the Board of Directors shall automatically expire when their term in said office ends. Pursuant to Chapter 311.009(e)(2) of the Texas Tax Code, each member of the Board of Directors must be at least 18 years of age and own real property in the zone or be an employee or agent of a person that owns real property in the zone. The Board of Directors of the Zone shall comply with Chapter 551, Texas Government Code (the Open Meetings Act) and Chapter 552, Texas Government Code (regarding public records and information). The Board of Directors shall Ordinance No. Rivery Park Tax Increment Reinvestment Zone -1st Amendment Page 2 of 4 make recommendations to the City Council concerning the administration of the Zone. The Board of Directors shall prepare or cause to be prepared and adopt a project plan and a reinvestment zone financing plan for the Zone as described in Section 311.011, Texas Tax Code, and shall submit such plans to the City Council for its approval. The City, pursuant to Section 311.010(a) of the Texas Tax Code hereby authorizes the Board of Directors to exercise all of the City's powers necessary to administer, manage or operate the Zone and to prepare the project plan and reinvestment zone financing plan, including the submission of an annual report on the status of the Zone. Notwithstanding the foregoing, the Board of Directors shall not be authorized to issue tax increment bonds or notes, impose taxes or fees, exercise the power of eminent domain or give final approval to the project plan and reinvestment zone financing plan. The Board of Directors of the Zone may not exercise any power granted to the City by Section 311.008 of the Texas Tax Code without additional and prior authorization from the City. Section 3. Tax Increment Contribution. That Exhibit B, Section III. G. "Method of Financing." of Ordinance 2007-91 is hereby amended and revised to provide as follows: G. Method of Financing (311/011(c)(6) The City will establish a Tax Increment Fund (the "Fund") for the Zone in the ordinance designating the Zone. In accordance with Section 311.013 of the Act, each participating taxing jurisdiction will pay into the Fund a portion of the increment generated by the taxing jurisdiction. Subject to the terms and conditions of the Tax Increment Financing Agreement dated September 16, 2008 by and between the City of Georgetown and Williamson County, the City has agreed to contribute 100% of its tax increment and the County has agreed to contribute 80% of its tax increment to the Fund. The tax increment deposited into the Fund will be used to pay for the construction of infrastructure of approved Project Costs along with maintaining, operating and administering the Zone. Section 4. Severability. If any provision, section, subsection, sentence, clause or phrase of this Ordinance, or the application of same to any person to set circumstances, is for any reason held to be unconstitutional, void or invalid, the validity of the remaining provisions of this Ordinance or their application to other persons or set of circumstances shall not be affected thereby, it being the intent of the City Council in adopting this Ordinance that no portion hereof or regulations connected herein shall become inoperative or fail by reason of any unconstitutionality, voidness or invalidity of any portion hereof, and all provisions of this Ordinance are declared severable for that purpose. Section 5. Open Meetings. It is hereby found, determined and declared that a sufficient written notice of the date, hour, place and subject of the meeting of the City Council at which this Ordinance was adopted was posted at a place convenient and readily accessible at all times to the Ordinance No. Rivery Park Tax Increment Reinvestment Zone - Is, Amendment Page 3 of 4 general public at the City Hall of the City for the time required by law preceding its meeting, as required by the Open Meetings Law, Texas Government Code, Ch. 551, and that this meeting has been open to the public as required by law at all times during which this Ordinance and the subject matter hereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. ! •I Il !' ! ! • • • 1 • Council of Georgetown at a regular meeting on October 14, 2008, at which a quorum was present and for which due notice was given pursuant to Section 551.001, et. seq. of the Texas Government Code. READING by the City Council of Georgetown at a regular meeting on October 28, 2008, at which a quorum was present and for which due notice was given pursuant to Section 551.001, et. seq. of the Texas Government Code. PASSED AND APPROVED on first reading on the 14th day of October, 2008. PASSED AND APPROVED on second reading on the 28th day of October, 2008. George G. Garver, Mayor City of Georgetown, Texas Sandra Lee City Secretary APPROVED AS TO FORM: By: f i Patricia Carls City Attorney Ordinance No. � Rivery Park Tax Increment Reinvestment Zone -1st Amendment Page 4 of 4