HomeMy WebLinkAbout1999-2407 - Ordinance - 08/26/1999ORDINANCE NO. 2407
AN ORDINANCE REPEALING ORDINANCE NO. 2328 WHICH CREATED
REINVESTMENT ZONE NUMBER NINE (9) FOR COMMERCIAL TAX ABATEMENT
AND AUTHORIZED AN AGREEMENT FOR DEVELOPMENT AND TAX
ABATEMENT BETWEEN THE CITY OF COLLEGE STATION AND CSL OF TEXAS,
INC., TO EXEMPT FROM TAXATION THE INCREASE IN VALUE OF THE
PROPERTY LOCATED WITHIN THE BOUNDARIES OF REINVESTMENT ZONE
NUMBER NINE (9) IN ORDER TO ENCOURAGE DEVELOPMENT AND
REDEVELOPMENT AND OTHER MATTERS RELATING THERETO.
WHEREAS, on May 14, 1998, the City Council approved Ordinance No. 2328 creating
Reinvestment Zone Number Nine (9);
WHEREAS, the City of College Station and CSL of Texas, Inc. entered into an Agreement for
Development and Tax Abatement (hereinafter referred to as "Agreement") with an effective date
of Sune 10, 1998;
WHEREAS, the improvements required by the Agreement on the 60.51 acre tract or parcel of
land located within the area designated as Reinvestment Zone Number Nine (9) were never
initiated by CSL of Texas, Inc.;
WHEREAS, pursuant to Paragraph 20(h) of the Agreement, "a change in ownership in a single
transaction of fifty-one percent (51%) of the stock...or the transfer of ownership...shall be
considered an assignment ..... [and] [a]n assignment as prohibited .... shall cause this Agreement to
terminate immediately and the exemption from taxation.., shall cease;"
WHEREAS, Coca-Cola Enterprises, Inc. acquired all of the stock of CSL of Texas, Inc.
pursuant to a merger agreement effective January 1, 1999; and
WHEREAS, in compliance with Paragraph 20(h) of the Agreement, the Agreement has been
terminated as a result of the merger between CSL of Texas, Inc. and Coca-Cola Enterprises, Inc.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
COLLEGE STATION:
I.
CSL of Texas, Inc has merged with Coca-Cola Enterprises, Inc. and pursuant to Paragraph 20(h)
of the Agreement, Coca-Cola has requested that the Agreement be terminated.
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Ordinance No. 2407 Page 2
That the City hereby dissolves Reinvestment Zone Number Nine (9) and its boundaries as
described in Ordinance No. 2328, and the ordinance creating said Zone and authorizing a tax
abatement is hereby repealed and shall be null and void and have no further force and effect.
PASSED, ADOPTED and APPROVED this 26th day of AUGUST
APPROVED~
.,1999.
ATTEST:
Connie Hooks, City Secretary
l~ay~ffLynn Mcllhaney ff~
APPROVED:
City Attorney
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