HomeMy WebLinkAbout2002-2543 - Ordinance - 01/24/2002ORDINANCE NO. 2543
AN ORDINANCE REPEALING AND TERMINATING REINVESTMENT ZONE
NUMBER SEVEN (7), A TAX INCREMENT REINVESTMENT ZONE FOR TAX
INCREMENT FINANCING ESTABLISHED BY ORDINANCE NO. 2290,
DISSOLVING THE BOARD OF DIRECTORS AND TAX INCREMENT FUND
FOR SUCH ZONE.
WHEREAS, on December 11, 1997, the City Council approved Ordinance No. 2290
which created Tax Increment Reinvestment Zone Number Seven (7) pursuant to CHAPTER
311 ET. SEQ., TEX. TAX CODE ANN;
WHEREAS, on December 11, 1997, the City Council approved Ordinance No. 2290
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") with an effective date of April 9, 1998;
WHEREAS, the improvements on the 8.8 acres approved in the Tax Increment
Reinvestment Zone Project Plan located within the area designated as Reinvestment Zone
Number Seven (7) were never constructed by the City nor Wolf Pen Creek Ltd;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF COLLEGE STATION:
The City Council hereby makes the following findings:
1. No tax increment bonds have been issued for this zone.
2. No tax increment has been paid into the tax increment fund for this zone.
II.
That the City hereby terminates Reinvestment Zone Number Seven (7) as described in
Ordinance No. 2290, and the ordinance creating said zone is hereby repealed and terminated
and shall be null and void and have no further force and effect.
III.
That the City hereby dissolves and terminates the Tax Increment Fund and the Board for the
Zone.
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Ordinance No. 2543
Page 2
PASSED, ADOPTED and APPROVED this 24th day of January, 2002.
APPROVED:
ATTEST:
Connie Hooks, City Secretary
M~yor i~ynn Mclih~ney /
APPROVED:
City Attorney
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