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Home My WebLink AboutORD 900562 - Reinvestment Zone RiveryAN I t, 1 t f� s • • i I SAM • • 611usiffiv I&MYJ yy ago 19MV98 1 1 .•• 1!• • ••! 1 •. ; t • ; t WHEREAS, on July 25, 1989, the City of Georgetown, in Ordinance No. 890290, authorized the submission of an application to the Texas Department of Commerce for designation of certain areas within the City of Georgetown as a State Enterprise Zone; and WHEREAS, the Texas Department of Commerce designated these areas within the City of Georgetown as a State Enterprise Zone, pursuant to the City's request, on September 14, 1989; and WHEREAS, the area commonly referred to as "The Rivery", which consists of 259.4406 acres out of the Nicholas Porter Survey, Abstract, No. 497, and the J. B. Pulsifer Survey, No. 498, Williamson County, Texas, more fully described by metes and bounds in the attached Exhibit "A", is within the area designated as a State Enterprise Zones and WHEREAS, the Texas Tax Increment Financing Act provides that areas designated as enterprise zones by the state are exempt from the procedural requirements normally necessary for designation as a Tax Increment Financing Zone; and WHEREAS, the staff of the City of Georgetown made a formal presentation to the City Council on July 10, 1990, as to the requirements of the Texas Tax Increment Financing Act; and WHEREAS, on August 28, 1990, the City Council expressed an interest in the finalization of the reinvestment zone created as a part of the State Enterprise Zone and directed the staff to present an ordinance for consideration by the City Council on September 11, 1990; and WHEREAS, the City staff presented the preliminary project and financing plans for the reinvestment zone to the Council on September 11, 1990, which are attached hereto as Exhibits "B" and ""C""; and WHEREAS, the City Council has considered the preliminary project and financing plans and determined that the finalization of the reinvestment zone is in the best interest of the City; NOW, • •'' ORDAINED :: THE CITY COUNCILOF THE CIT71 OF !". • . I. The facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct. I The City, after considering the preliminary project and financing plans, as made the following findings and determinations based upon the information presented to it. A. Implementation of the proposed zone with boundaries as described in Exhibit "A" and by the diagram shown in Exhibit "C" will result in benefits to the City, its residents and property owners, and to the property, residents and property owners in the reinvestment zone; B. The reinvestment zone as described in Exhibits "A" and "C" has previously been designated as a State Enterprise Zone under the Texas Enterprise Zone Act, Article 5190.7 of the Texas Revised Civil Statutes; Co The area described in Exhibits "A" and "C" has been designated as a reinvestment zone by its designation as a State Enterprise Zone, as set forth in Section 311.0031 of the Texas Tax Increment Financing Act, as contained in Chapter 311 of the Texas Tax Code; and D. A preliminary project pian and a financing plan have been developed and are attached hereto as Exhibits "B". Such preliminary project and financing plans would be the basis for the master plant to the final project and financing plans for the development of the reinvestment zone and shall assist the staff and board of directors of the zone in implementing a successful reinvestment zone. 140 The City of Georgetown hereby designates the area of the Enterprise Zone described as all that certain tract of land, being 259.4406 acres out of the Nicholas Porter Survey, Abstract No. 497, and the J. B. Pulsifer Survey, No. 498, Williamson County, Texas, more fully described by metes and bounds in the attached Exhibit "A", and depicted in the diagram attached hereto as Exhibit "C", as Reinvestment Zone No. 1 for the City of Georgetown, Texas, and such reinvestment zone shall be based on the preliminary project and financing plans, attached hereto as Exhibits "B" This zone shall hereafter be identified as Reinvestment Zone No. 1, City of Georgetown, Texas (the "Zone"). TIF Ordinance -. Page 2 of 4 IV. The Board of Directors for the Zone shall consist of seven (7) member directors. The City Council of the City of Georgetown shall appoint five (5) members who shall meet the eligibility requirements as set forth in the Act to serve on the Board of Directors. The Georgetown Independent School District shall appoint one (1) member who shall meet the eligibility requirements set forth in the Act to serve on the Board of Directors. The Williamson County Commissioners' Court shall appoint one (1) member who shall meet the eligibility requirements as set forth in the Act to serve as a member of the Board of Directors. The School District member, the County Commissioners' Court member, and one (1) member appointed by the City of Georgetown, shall serve an initial term exceeding three (3) years and expiring on December 31, 1993. Two (2) of the other members appointed by the City shall serve an initial term exceeding two (2) years and expiring on December 31, 1992. The two (2) remaining members appointed by the City shall serve an initial term exceeding one (1) year and expiring on December 31, 1991. As the terms of appointment of the initial Board Members end, each member subsequently appointed shall serve a three-year term, which shall begin on January 1st and end on December 31st of each calendar year, in order that the appointments to the Board are staggered over a three-year period. The City Council shall designate one (1) member to serve as Chairman of the Board of Directors and authorizes the Board to elect from its members a dice -Chairman and other officers as it sees fit. The City hereby establishes and adopts By -Laws for the Board of Directors of the Zone, a copy of which is attached hereto as Exhibit "D", and delegates to the Board the powers and authority as provided herein. The Board of Directors shall make recommendations to the City Council concerning the administration of the Zone and shall prepare and cause to be prepared and adopt a Project Plan based upon the preliminary Project and Financing Plans for the Zone and must submit such plans to the City Council for its approval. The City hereby delegates to the Board of Directors all powers necessary to prepare and implement such Project Plan, subject to approval by the City Council. V. Operation of the Zone shall commence on January 1, 1991, and termination of the operation of the Zone shall occur on December 31, 2010, or at a time designated by subsequent ordinance or at such time subsequent to the issuance of tax increment bonds as all project costs and tax increment bonds, and the interest thereon, have been paid in full. VI. The Tax increment base for the Zone, which is the total appraised value of all taxable real property in the reinvestment zone, is to be determined as of January 1, 1991, the year in which the Zone was formally designated as a reinvestment zone. TIF Ordinance -- Page 3 of 4 [`ilio There is hereby created and established a Tax Increment Fund for the Zone which may be divided in to such sub -accounts as may be authorized by subsequent ordinances into which all tax increments are to be deposited. The Tax Increment Fund and any sub -accounts are to be maintained at the depository bank of the City and shall be secured in the manner prescribed by law for Texas municipalities. The tax increments shall equal the amount of property taxes levied for a year on the captured appraised value, that is, the amount by which the current appraised value of all taxable real property located in the Zone exceeds its tax increment base less any other funds which are to be allocated from the tax increments pursuant to the Act. All revenues from the sale of any tax increment finance bonds and notes hereafter issued by the tax increment finance bonds and notes hereafter issued by the City may be deposited into such fund or sub - account from which money will be disbursed to pay project costs for the Zone or to satisfy the claims of holders of tax increment bonds or notes issued for the Zone. VIII. If any section, paragraph, clause, or provision of this ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this ordinance. FIN It is hereby found and determined that the meeting at which this ordinance was adopted was held in compliance with the Texas Open Meetings Act, Article 625247, of the Texas Revised Civil Statutes. I IN W It U1111 11111 PXAD, PASSED AND APPROVED on Second and Fmial this 13th day of November, 990. Reading Marianne handers Banks City Attorney TIF Ordinance -- Page 4 of 4 ATTEST. Elizabeth Gray City Secretary