HomeMy WebLinkAboutORD 2021-31 - Terminating S. Georgetown TIRZORDINANCE NO. 2021- 31
An Ordinance of the City Council of the City of Georgetown, Texas, terminating the South
Georgetown Tax Increment Reinvestment Zone, City of Georgetown, Texas (the "Zone");
dissolving the Board of Directors and Tax Increment Fund for the Zone; repealing
conflicting ordinances and resolutions; including a severability clause; and establishing an
effective date.
Whereas, on June 10, 2014, the City Council of City of Georgetown, Texas adopted Ordinance
No. 2014-31 designating the South Georgetown Tax Increment Reinvestment Zone ("Zone") and
established a Board of Directors for the Zone (the "Board of Directors") to promote development or
redevelopment in the Zone in accordance with the Tax Increment Financing Act, Chapter 311 of the
Texas Tax Code, as amended (the "Act"); and
Whereas, pursuant to Ordinance No. 2014-31, the termination of the Zone shall occur on
December 31, 2044, or at an earlier time designated by subsequent ordinance of the City Council in the
event the City determines that the Zone should be terminated due to insufficient private investment,
accelerated private investment or other good cause, or at such time as all project costs and tax increment
bonds, if any, and the interest thereon, have been paid in full; and
Whereas, Section 311.017 of the Act provides that a reinvestment zone terminates on the earlier
of. (1) the termination date designated in the ordinance designating the zone or an earlier or later
termination date designated by an ordinance adopted under Section 311.007(c) of the Act; or (2) the date
on which all project costs, tax increment bonds and interest on those bonds, and other obligations have
been paid in full; and
Whereas, private development is occurring in the Zone without the need for the Zone to finance
the construction of any project and it does not appear that the Zone will be used to finance the
construction of any project in the foreseeable future and, accordingly, good cause exists for the
termination of the Zone; and
Whereas, no tax increment bonds, or other indebtedness have been issued by, for, on behalf of, or
through the Zone and there are no outstanding project costs or other obligations of the Zone and,
accordingly, Section 311.017of the Act has been satisfied; and
Whereas, on April 13, 2021, the City Council held a public hearing in accordance with the Act to
consider the termination the Zone and dissolving the Board of Directors and Tax Increment Fund for the
Zone; and
Whereas, notice of such public hearing was published in a newspaper of general circulation in the
City more than seven (7) days before the date of the public hearing; and
Whereas, at such public hearing interested persons were allowed to speak for or against the
termination of the Zone and/or the dissolution of the Board of Directors and Tax Increment Fund for the
Zone; and
Whereas, the City Council after conducting such public hearing and having heard such evidence
and testimony has determined that the termination of the Zone and dissolving the Board of Directors and
Tax Increment Fund for the Zone is in the best interest of the citizens of the City of Georgetown.
Ordinance Number: 2021--3-1— Page 1 of 2
Description: Terminating South Georgetown Tax Increment Reinvestment Zone
Date Approved: z� , 2021
Now, therefore, be it ordained by the City Council of the City of Georgetown, Texas, that:
Section 1. The City Council, after conducting such public hearing and having heard such
evidence and testimony finds and determines that the facts and recitations contained in the preamble of
this Ordinance are declared to be true and correct. and are incorporated into this Ordinance for all
purposes.
Section 2. The South Georgetown Tax Increment Reinvestment Zone, City of Georgetown,
Texas (the "Zone"), shall terminate on the final passage and adoption of this Ordinance.
Section 3. The Board of Directors for the Zone and the Tax Increment Fund for the Zone are
hereby dissolved effective on the final passage and adoption of this Ordinance.
Section 4. All ordinances and resolutions, or parts of ordinances and resolutions, in conflict with
this Ordinance are hereby repealed, and are no longer of any force and effect.
Section 5. If any provision of this Ordinance or application thereof to any person or
circumstance shall be held invalid, such invalidity shall not affect the other provisions, or application
thereof, of this Ordinance which can be given effect without the invalid provision or application, and to
this end the provisions of this Ordinance are hereby declared to be severable.
Section 6. The Mayor is hereby authorized to sign this Ordinance and the City Secretary to
attest. This Ordinance shall become effective in accordance with the provisions of state law and the City
Charter of the City of Georgetown.
APPROVED on First Reading on the 13th day of April, 2021.
APPROVED AND ADOPTED on Second Reading on the 27"' day of April, 2021.
ATTEST:
Robyn De smore, TRMC
City Secretary
APPROVED AS TO FORM:
Gtr--
Skye assn
City Attorney
Ordinance Number: 2021-3 t
Description: Terminating South Georgetown Tax Increment Reinvestment Zone
Date Approved: &pal E . 2021
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