HomeMy WebLinkAbout2009-3182 - Ordinance - 05/18/2009ORDINANCE NO. 3182
AN ORDINANCE REPEALING AND TERMINATING REINVESTMENT ZONE
NUMBER SIXTEEN (16), A TAX INCREMENT REINVESTMENT ZONE FOR TAX
INCREMENT FINANCING ESTABLISHED BY ORDINANCE NO. 2907 DISSOLVING
THE BOARD OF DIRECTORS AND TAX INCREMENT FUND FOR SUCH ZONE.
WHEREAS, on June 22, 2006, the City Council approved Ordinance No. 2907 which created
Tax Increment Reinvestment Zone Number Sixteen (16) pursuant to CHAPTER 311 ET. SEQ.,
TEX. TAX CODE ANN;
WHEREAS, on June 22, 2006, the City Council approved Ordinance No. 2907 establishing a
Board of Directors for the zone;
WHEREAS, the City of College Station and Brazos County entered into a Participation
Agreement (hereinafter referred to as "Agreement ") but has withdrawn per a letter dated
September 22, 2008; and
WHEREAS, on October 23, 2008 the City purchased land not within the Tax Increment
Reinvestment Zone for the purposes of constructing a hotel /convention center; now, therefore,
WHEREAS, Council has directed staff to move forward with the construction of a convention
center on the referenced land; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION:
Part 1: The City Council hereby makes the following findings:
1. No tax increment bonds have been issued for this zone.
2. $53,837.13 of tax increment has been collected thus far.
Part 2: That the City hereby terminates Reinvestment Zone Number Sixteen (16) as
described in Ordinance No. 2907, and the ordinance creating said zone is hereby
repealed and terminated and shall be null and void and have no further force and
effect.
Part 3: That the City hereby dissolves and terminates the Tax Increment Fund and the
Board for the referred Zone.
Part 4: That the entirety of the tax increment collected will be transferred to the City of
College Station Convention Center Fund.
Ordinance 7 3182
PASSED, ADOPTED and APPROVED this 18th day of May, 2009.
APPROVED:
Mayor
ATTEST:
City Secretary L
APPROVED:
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