HomeMy WebLinkAbout2018-4010 - Ordinance - 05/14/2018
ORDINANCE NO. 2018-4010
AN ORDINANCE REPEALING AND TERMINATING REINVESTMENT ZONE
NUMBER EIGHTEEN (18), A TAX INCREMENT REINVESTMENT ZONE FOR TAX
INCREMENT FINANCING ESTABLISHED BY ORDINANCE NO. 3467 DISSOLVING
THE BOARD OF DIRECTORS AND TAX INCREMENT FUND FOR SUCH ZONE.
WHEREAS, on December 13, 2012, the City Council approved Ordinance No.3467 which
created Tax Increment Reinvestment Zone Number Eighteen (18) pursuant to CHAPTER 311 ET.
SEQ., TEX. TAX CODE ANN;
WHEREAS, on December 13, 2012, the City Council approved Ordinance No. 3467 establishing
a Board of Directors for the zone;
WHEREAS, Council has directed staff to move forward with dissolving Tax Increment
Reinvestment Zone Number Eighteen (18); now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION:
PART 1:
PART 2:
PART 3:
PART 4:
The City Council hereby makes the following findings:
1. No tax increment bonds have been issued for this zone.
2. $677,526.69 of tax increment has been collected thus far.
That the City hereby terminates Tax Increment Reinvestment Zone Number
Eighteen (18) as described in Ordinance No. 3467, and the ordinance creating said
zone is hereby repealed and terminated and shall be null and void and have no
further force and effect.
That the City hereby dissolves and terminates the Tax Increment Fund and the
Board for the referred Zone.
That the entirety of the tax increment collected will be transferred to the City of
College Station General Fund.
Ordinance No. 2018-4010 Page 2
PASSED, ADOPTED and APPROVED this 24th day of May, 2018.
APPROVED:
Mayor Pro Tem
ATTEST:
City Secretary
APPROVED:
City Attorney
James Benham (May 24, 2018)