From
Marty Wieder
Title
Resolution accepting TIF Board recommendation on Restaurant and Retail Development Financing
Presenter
Marty Wieder
Recommended Action
Approve
Analysis
The Boards of Directors of City of Grand Prairie Tax Increment Reinvestment Zones (TIRZ) #1 and #3 met back on June 12, 2019 and recommended a pledge of funds in two Fiscal Years related to restaurant and retail development financing at EpicCentral - as an amendment to the Project and Financing Plan of TIRZ #1. Staff has prepared a resolution for the City Council to consider accepting this recommendation and confirming such a pledge of funds.
Financial Consideration
Fiscal Year 2019, Restaurant and Retail Development Financing: $1,800,000
Fiscal Year 2020, Restaurant and Retail Development Financing: $2,750,000
Body
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, AUTHORIZING THE PLEDGE OF FUNDS IN AN AMOUNT NOT TO EXCEED $1,800,000.00 IN FISCAL YEAR 2019 AND $2,750,000 IN FISCAL YEAR 2020, RELATED TO RESTAURANT AND RETAIL DEVELOPMENT FINANCING
WHEREAS, the City of Grand Prairie, Texas (the “City”), pursuant to Chapter 311 of the Texas Tax Code, as amended (the “Act”), may designate a geographic area within the City as a tax increment reinvestment zone if the area satisfies the requirements of the Act; and
WHEREAS, the Act provides that the governing body of a municipality by ordinance may designate a noncontiguous geographic area that is in the corporate limits of the municipality to be a reinvestment zone if the governing body determines that development or redevelopment would not occur solely through private investment in the reasonably foreseeable future; and
WHEREAS, the City Council desires to promote the development of a certain noncontiguous geographic area in the City (the "Zone"), through the expansion of a reinvestment zone as authorized by and in accordance with the Tax Increment Financing Act, codified at Chapter 311 of the Texas Tax Code; and
WHEREAS, on July 13, 1999, the City Council of the City of Grand Prairie, Texas, pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No. 6095 designating a contiguous geographic area within the City as a Reinvestment Zone Number One, City of Grand Prairie, Texas (the “Zone”); and
WHEREAS, on August 17, 1999, the City Council of the City of Grand Prairie, Texas, pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No. 6122 amending Reinvestment Zone Number One, City of Grand Prairie, Texas (the “Zone”); and
WHEREAS, the City Council of the City of Grand Prairie, Texas, pursuant to Chapter 311 of the Texas Tax Code, has, from time to time, approved Ordinances amending the Project Plan to alter the funding for specific project costs for Reinvestment Zone Number One, City of Grand Prairie, Texas (the “Zone”); and
WHEREAS, on October 16, 2018, the City Council of the City of Grand Prairie, Texas, pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No. 10556-2018 amending Reinvestment Zone Number One, City of Grand Prairie, Texas (the “Zone”) to expand the boundaries and extend the term; and
WHEREAS, as authorized by Section 311.011(e), and 311.008, of the Act, on June 12, 2019, the Board authorized the Chair of the Board of Directors to pledge funds in an amount not to exceed $1,800,000.00 in Fiscal Year 2019 and $2,750,000 in Fiscal Year 2020, related to restaurant and retail development financing, conditioned upon approval of the expenditure by the Grand Prairie City Council;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, THAT:
SECTION 1. RECITALS INCORPORATED.
The facts and recitations contained in the preamble of this Resolution are hereby found and declared to be true and correct.
SECTION 2. APPROVAL OF THE PLEDGE OF FUNDS.
The pledge of funds in an amount not to exceed $1,800,000.00 in Fiscal Year 2019 and $2,750,000 in Fiscal Year 2020, related to restaurant and retail development financing, is hereby approved.
SECTION 3. SEVERABILITY CLAUSE.
Should any section, subsection, sentence, clause or phrase of this Resolution be declared unconstitutional or invalid by a court of competent jurisdiction, it is expressly provided that any and all remaining portions of this Resolution shall remain in full force and effect. The City hereby declares that it would have passed this Resolution, and each section, subsection, clause or phrase thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses and phrases be declared unconstitutional or invalid.
SECTION 4. OPEN MEETINGS.
It is hereby found, determined, and declared that sufficient written notice of the date, hour, place and subject of the meeting of the City Council at which this Resolution was adopted was posted at a place convenient and readily accessible at all times to the general public at the City Hall of the City for the time required by law preceding its meeting, as required by Chapter 551 of the Texas Government Code, and that this meeting has been open to the public as required by law at all times during which this Resolution and the subject matter hereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof.
SECTION 5. EFFECTIVE DATE.
This Resolution shall take effect immediately upon its adoption and publication in accordance with and as provided by law and the City Charter.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 17th DAY OF DECEMBER, 2019.