Ord 2011-068 - Laserfiche WebLink

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The Board of Directors of Zone No. 4 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 make recommendations to the City Council concerning the administration of Zone No. 4. The Board of Directors shall prepare or cause to be prepared and adopt a project plan and a reinvestment zone financing plan for Zone No. 4 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 Zone No. 4 and to prepare the project plan and reinvestment zone financing plan, including the submission of an annual report on the status of Zone No. 4. 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 Zone No. 4 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 4. Duration of Zone No. 4. Zone No. 4 shall take effect immediately upon the passage and approval of this Ordinance, and termination of the operation of Zone No. 4 shall occur on December 31, 2041, or at an earlier time designated by subsequent ordinance of the City Council in the event the City determines in its sole discretion that Zone No. 4 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 Zone No. 4, and the interest thereon, have been paid in full. Section 5. Tax Increment Base. The Tax Increment Base of the City or any other taxing unit participating in Zone No. 4 is the total appraised value of all real property taxable by the City or other taxing unit participating in Zone No. 4 and located in Zone No. 4, determined as of January 1, 2011, the year in which Zone No. 4 was designated as a reinvestment zone (the "Tax Increment Base ") which is $1,969,490. Section 6. Tax Increment Fund. There is hereby created and established a Tax Increment Fund for Zone No. 4 which may be divided into subaccounts as authorized by subsequent resolutions or ordinances. All Tax Increments, as defined below, shall be deposited in the Tax Increment Fund. Any expenditure to be made from the Tax Increment Fund in excess of $10,000, or any contract related thereto, must be approved by the City Council prior to such expenditure being made or contract being executed. The Tax Increment Fund and any subaccount shall be maintained at the depository bank of the City and shall be secured in the manner prescribed by law for funds of Texas cities. The annual Tax Increment shall equal forty percent (40 %) of the property taxes levied and collected by the City within Zone No. 4 and ten percent (10 %) of the property taxes levied and collected by the County in Zone No. 4 (as set forth in the Interlocal Agreement to participate between the City and the County dated , 2011) for that year on the captured appraised value, as defined by the Act, of real property located in Zone No. 4 that is taxable by the City or County, less any amounts that are to be allocated from the Tax Increment pursuant to the Act. All revenues from the sale of any tax increment bonds, notes or other obligations hereafter issued for the benefit of Zone No. 4 by the 4