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HomeMy WebLinkAbout5-25-2006-14.06 - Resolution - 05/25/2006 RESOLUTION NO. 5-25-2006-14.06 A RESOLUTION CALLING A PUBLIC HEARING REGARDING THE CREATION OF CITY OF COLLEGE STATION REINVESTMENT ZONE NUMBER SIXTEEN (16) AS A TAX INCREMENT FINANCING ZONE, AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City Council of the City of College Station (the "City") has received a petition requesting that the City designate an area of property as a reinvestment zone pursuant to the TAX INCREMENT FINANCING ACT, CHAPTER 311, TEXAS TAX CODE (the "Act"), which petition has been executed by the owners of property constituting at least fifty percent (50%) of the appraised value of the property in said area according to the 2005 Brazos County Appraisal roll; and WHEREAS, the City desires to receive the comments of any interested person and of other taxing jurisdictions which levy property taxes within the proposed zone ("taxing units") regarding the establishment of such reinvestment zone; and WHEREAS, the Act requires that the City notify the governmental body of each taxing unit of its intent to establish a reinvestment zone at least sixty (60) days prior to the date of the public hearing regarding the creation of such reinvestment zone; and WHEREAS, the Act permits the City to request that the governmental body of each taxing unit waive the requirement hereinabove described so that such public hearing may be heard promptly; and WHEREAS, other preliminary procedural steps must be adhered to prior to the establishment of a reinvestment zone; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS: PART 1. That the passage of this Resolution evidences the intention of the City to create a reinvestment zone pursuant to the Act, with such reinvestment zone to be designated as "Reinvestment Zone Number Sixteen (16), City of College Station, Texas" (the "Zone"). The boundaries for the proposed Zone, a description of the tentative plans for the development of the proposed Zone, and an estimate of the general impact of the proposed Zone on property values and tax revenues are attached hereto as Exhibit "A", "B" and "e" and are incorporated herein. U:\Resolutioll 20U6\RESOLUTlON NO. 5.25-2006-/4.06.doc RESOLUTION NO. 5-25-2006-14.06 PART 2. PART 3. PART 4. PART 5. Page 2 That a Public Hearing is hereby scheduled to be held before the College Station City Council on June 22, 2006, since all other taxing entities have agreed to waive the sixty (60) day notice requirement of the Act, for the purpose of receiving public comment on the proposed creation of the Zone, and its benefits or detriment to the City and to property in the proposed Zone. That not later than the seventh day before the date of the public hearing, the City Secretary shall cause notice of the public hearing to be published in the Bryan College Station Eagle, being a newspaper having general circulation in the City. That the City Manager or his designated representative is authorized to undertake other preliminary preparations and action in accordance with the Act. That this Resolution shall be effective immediately upon adoption. ADOPTED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, this 25th day of May, 2006. ATTEST: APPROVED: ~ CONNIE HOOKS, City Secretary APPROVED: ~g~. J. ~L-. R LVIA, Mayor- JEF P1 trategic ~~~~~ City Attorney U:IReso/ution 2006\RESOLUTION NO. 5-25-2006-14.06.doc