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Home My WebLink AboutORD 2023-45 - Williams Drive Gateway TIRZ AmendmentORDINANCE NO.2023-45 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, AMENDING ORDINANCE NO. 2006-104 DESIGNATING REINVESTMENT ZONE NUMBER 3, CITY OF GEORGETOWN, ("WILLIAMS DRIVE TAX INCREMENT REINVESTMENT ZONE") BY AMENDING THE CITY'S PERCENTAGE OF CONTRIBUTION TO REINVESTMENT ZONE NUMBER 3, CITY OF GEORGETOWN; BY EXTENDING THE TERM OF REINVESTMENT ZONE NUMBER 3, CITY OF GEORGETOWN; BY ADOPTING THE FINAL PROJECT AND FINANCING PLAN FOR THE ZONE, AND OTHER MATTERS RELATED THERETO; CONTAINING FINDINGS; PROVIDING A REPEALING CLAUSE; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. Whereas, the City Council previously adopted Ordinance No. 2006-104 Reinvestment Zone No. 3, City of Georgetown (the "Zone"), to promote the development or redevelopment of the area, as authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code (the "Act"); and Whereas, the City Council previously approving a preliminary project and financing plan for the Zone; attached to Ordinance No. 2006-104, a copy of which is on file in the office of the City Secretary; and Whereas, the City Council desires to amend the City's percentage of contribution to the Zone and to extend the term of the Zone; and Whereas, the City Council desires to adopt the Final Project and Financing Plan as set forth herein; and Whereas, in compliance with the Act, the City called a public hearing to receive public comments on the proposed amendments of the Zone and its benefits to the city and the property in the Zone; and Whereas, in compliance with the Act, notice of the public hearing was published in a daily newspaper of general circulation in the City, such publication date being not later than seven (7) days prior to the date of the public hearing; and Whereas, such hearing was convened at the time and place mentioned in the published notice, to wit, on August 22, 2023, at 6:00 p.m., at the Council Chambers of the City of Georgetown, Texas, which hearing was then closed; and Whereas, the City, at such hearing, invited any interested person, or the person's representative, to appear and speak for or against the amendments of the Zone; and Ordinance Number: 2023-� Page 1 of 4 Description: Williams Drive Gateway TIRZ Amendment Date Approved: ZWvb Whereas, all owners of property located within the Zone and all other taxing units and other interested persons were given the opportunity at such public hearing to protest the amendments of the Zone; and Whereas, in compliance with the Act the Board of Directors for the Zone has reviewed and recommends the City Council approve the Final Project and Financing Plan; and Whereas, the City Council after conducting a public hearing and providing notice thereof in accordance with law, and having reviewed and given proper consideration desires to amend Ordinance No. 2006-104 and to adopt the amendment to the Final Project and Financing Plan; Now, therefore, be it ordained by the City Council of the City of Georgetown, Texas, that: Section 1. The facts and recitations contained in the preamble of this Ordinance are hereby found and declared to be true and correct. Section 2. That Section 4 "Duration of the Zone of Ordinance" No. 2006-104 is hereby amended to extend the term of the Zone until December 31, 2043, to read as follows: "Section 4. Duration of the Zone. That the Zone shall take effect immediately upon the passage and approval of Ordinance No. 2006-104, and termination of the operation of the Zone shall occur on December 31, 2043, or at an earlier time designated by subsequent ordinance of the City Council in the event the City determines in its sole discretion that the Zone should be terminated due to insufficient private investment or other good cause, or at such time, subsequent to the time that all project costs, tax increment bonds, notes and other obligations of the Zone, and the interest thereon, have been paid in full." Section 3. That Section 5 "Tax Increment Base; Amount of Tax Increment" of Ordinance No. 2006-104 is hereby amended to amend the City's percentage of contribution to the Zone from 100% to 75% until tax year 2034 and to provide that the City's percentage of contribution to the Zone for Tax Increment collected for tax year 2034 and subsequent tax years is 50% to read as follows: " Section 5. Tax Increment Base; Amount of Tax Increment. That the Tax Increment Base of the City or any other taxing unit participating in the Zone for the Zone is the total appraised value of all real property taxable by the City or other taxing unit participating in the Zone and located in the Zone, determined as of January 1, 2006, the year in which the Zone was designated as a reinvestment zone (the "Tax Increment Base"). The amount of the tax increment for a year is 75% of property taxes levied and collected by the City and all or a portion of property taxes of other taxing units participating in the Zone and located in the Zone (as set forth in an agreement to participate in the Zone) for that year on the Captured Appraised Value of real property taxable by City or other taxing unit participating in the Zone and located in the Zone through and including tax year 2033 and for the tax increment collected for tax year 2034 and subsequent tax years the percentage of City contribution is 50%. The Captured Appraised Value of real property taxable by City or other taxing unit participating in the Zone for a year is the total appraised value of all real property taxable by the unit and located in the Zone for that year less the Tax Increment Base." Ordinance Number: 2023- �5 Page 2 of 4 Description: Williams Drive Gateway TIRZ Amendment Date Approved:. a I Z I -1,o-U-9171 Section 4. That, as recommended and approved by the Zone Board of Directors the 2006 preliminary project and financing plan attached to Ordinance No. 2006-104, as amended as set forth in Exhibit A attached hereto, is hereby adopted as the Final Project and Financing Zone. Section 5. All provisions of the ordinances of the City of Georgetown, in conflict with the provisions of this Ordinance be, and the same are hereby, repealed, and all other provisions of the ordinances of the City of Georgetown not in conflict with the provisions of this Ordinance shall remain in full force and effect. Section 6. Should any sentence, paragraph, subdivision, clause, phrase, or section of this Ordinance be adjudged or held to be unconstitutional, illegal, or invalid, the same shall not affect the validity of this Ordinance as a whole or a part or provision thereof other than the part thereof decided to be unconstitutional, illegal, or invalid. Section 7. The Mayor or City Manager is hereby authorized to execute any contracts or other agreements with any taxing units that elect to enter into an agreement with the City for payment of all or part of the tax increment produced by such other taxing unit into the Tax Increment Fund for the Reinvestment Zone. Section 8. This Ordinance shall take effect immediately from and after its passage and the publication of the caption, as the law and charter in such cases provide. APPROVED on First Reading on the ZZAday of -i , 2023. 0 APPROVED ADOPTED on Second Reading on the day of , 2023. THE CITY)GF GVORGETOWN: NEST: Josh S, Mayor APPROVED AS TO FORM: i.- F Skye Ma's-son,ibity Attorney ?o-b()yy a smore City Secretary Ordinance Number: 2023-45 Page 3 of 4 Description: Williams Drive Gateway TIRZ Amendment Date Approved: S p" 17-3 zo?'!j EXHIBIT "A" AMENDMENTS TO THE 2006 PRELIMINARY PROJECT AND FINANCING PLAN WHICH SHALL BE A PART OF THE FINAL PROJECT AND FINANCING PLAN The 2006 preliminary project plan attached to Ordinance No. 2006-104 is hereby amended to reflect that the duration of the Zone will extend and include tax year 2043. The authorized projects for the Final Project and Financing Plan shall include the use of the tax increment from the Zone for one or more programs for the public purposes of developing and diversifying the economy of the Zone, eliminating unemployment and underemployment in the Zone, and developing or expanding transportation, business, and commercial activity in the Zone, including programs to make grants and loans from the tax increment fund of the Zone in an aggregate amount not to exceed the amount of the tax increment produced by the City and paid into the tax increment fund for the Zone for activities that benefit the Zone and stimulate business and commercial activity in the Zone consistent with the powers of the City under Chapter 380, Local Government Code., as amended, including but not limited to public and private water lines, sewer lines, roadways, sidewalks, plaza, landscaping, drainage facilities and related improvements or facilities. Ordinance Number: 2022 Page 4 of 4 Description: Date Approved: