ORD 2021-037/ Amending Project Plan and Reinvestment Zone Financing Plan for Tax Increment Reinvestment Zone No 5 Downtown TIRZ

Home Browse Search

WHEREAS, the Parties desire to amend the Agreement to continue the reduced amount of tax increment the County agrees to pay to the City for deposit in the Tax Increment Fund for one additional year, as described in the Project and Financing Plan; and NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: SECTION 1. AMENDMENTS. 1.1.Subsection A of SECTION 2 is amended as follows: A. Payments to the City. The County agrees to make payments to the City during the term of this Agreement, not including Fiscal Years 2021 and 2022, for deposit in the Tax Increment Fund, in the amount of 70% of the tax increment attributed to the captured appraised value of the County in the Reinvestment Zone. For Fiscal Years 2021 and 2022, the County agrees to make payments to the City in the amount of 25% of the tax increment attributed to the captured appraised value of the County in the Reinvestment Zone. The County's obligation to make these payments will accrue only as taxes on the captured appraised value are collected by the County. Payments shall be due on May I of each year during the term of this Agreement. No interest or penalty will be charged to the County for any payments made by the County based on collections that occur after this due date; however, the County will pay to the City, for deposit in the Tax Increment Fund, 70% of any penalty or interest received by the County on any delinquent taxes on the captured appraised value of the County. The County may offset against future payments to the Tax Increment Fund any portion of payments to the City under this Agreement that the County subsequently refunds to taxpayers pursuant to the provisions of the Texas Tax Code. 1.2 The Agreement is amended by replacing Exhibit "C" of the Agreement with the attached Exhibit "A" of this Amendment. SECTION 2. COUNTERPARTS. This Amendment may be executed in any number of counterparts, each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. SECTION 3. CAPTIONS. The section headings appearing in this Amendment are for convenience of reference only and are not intended, to any extent and for any purpose, to limit or define the text of any section or any subsection hereof. SECTION 4. INCORPORATION OF PREAMBLE RECITALS. The recitals contained in the preamble hereof are hereby found to be true, and such recitals are hereby made a part of this Amendment for all purposes and are adopted as a part of the judgment and findings of the Commissioners Court and the City Council. SECTION 5. INCONSISTENT PROVISIONS. The Agreement is amended only to the extent of the changes herein. All ordinances and resolutions, or parts thereof, which are in conflict or inconsistent with any provision of this Amendment are hereby repealed to the extent of such SM/nRZS4ntcr1oca1Agrmmcnd2021 2