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HomeMy WebLinkAbout1998-2321 - Ordinance - 04/09/1998ORDINANCE NO. 2321 AN ORDINANCE DESIGNATING A CERTAIN AREA AS REINVESTMENT ZONE NUMBER EIGHT (8) FOR COMMERCIAL TAX ABATEMENT AS PROVIDED IN THE PROPERTY REDEVELOPMENT AND TAX ABATEMENT ACT; ESTABLISHING THE NUMBER OF YEARS FOR THE DISTRICT; AUTHORIZING A 1998 AGREEMENT TO EXEMPT FROM TAXATION THE INCREASE IN VALUE OF THE PROPERTY IN ORDER TO ENCOURAGE DEVELOPMENT AND REDEVELOPMENT AND OTHER MATTERS RELATING THERETO; PROVIDING A SAVINGS CLAUSE; FINDING AND DETERMINING THAT THE MEETING AT WHICH THIS ORDINANCE IS PASSED IS OPEN TO THE PUBLIC AS REQUIRED BY LAW. WHEREAS, the City Council of the City of College Station, Texas, (the "City") desires to encourage supervised improvement by property owners through tax abatement procedures within its jurisdiction by the creation of a reinvestment zone as authorized by the PROPERTY REDEVELOPMENT AND TAX ABATEMEbrr ACT, TEXAS TAX CODE, CHAPTER 312, as amended (the "Act"); and WHEREAS a public hearing was scheduled for Thursday, April 9, 1998, at 7:00 p.m. to receive comments concerning the designation of proposed Reinvestment Zone Number Eight (8). Notice of such hearing was published on Wednesday, April 1, 1998, in the Bryan-College Station Eagle newspaper, and on Wednesday, April 1, 1998, notice was mailed, first-class, postage pre-paid to the presiding officers of all taxing units within the jurisdiction of the proposed Reinvestment Zone, both such dates being not later than the seventh day before the date of the scheduled public hearing; and WHEREAS, the City called a public heating and published notice of such public heating as required by Section 312.201(d) of the Act; and has given written notice to all taxing units within the jurisdiction of the proposed Reinvestment Zone Number Eight (8) for Commercial Tax Abatement; and WHEREAS, at said public hearing the City presented evidence that such proposed designa- tion would be reasonably likely to contribute to the retention or expanston of primary employment or to attract major investment in the zone that would be a benefit to the prop- erty and that would contribute to the economic development of the City; and WHEREAS, the City at such public heating invited any interested person or his attorney to appear and contend for or against the creation of the reinvestment zone; the boundaries of the proposed reinvestment zone, whether all or part of the territory that is described as: Lots 3R and 4R, Block Three (3) of Phase One of the Business Center at College Station, should be included in such proposed reinvestment zone, and the concept of tax abatement; and WHEREAS, at such heating recommendations were given as to the number of years the district would be designated, the number of years in which an agreement would be available, as well as the percentage of tax exemption to be applied to the taxable real property that is redeveloped; and WHEREAS, the designation of the proposed reinvestment zone is consistent with the City's guidelines for such zones as set forth in the City's "Economic Development Policy and Incentives" document, first adopted by Council minute order on the 23rd day of January, 1991, and re-adopted by Council minute order on October 12, 1995, and on October 9, lahlo:~groupllegal~projectljordanlremve~t, doc 4/9/98 Ordinance No. 2321 Page 2 1997, and will benefit the land included within the proposed reinvestment zone after the expiration of the written agreement with the proposed developer of the property within the reinvestment zone; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION: That the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct and are incorporated herein for all purposes. II. That the City, after conducting such a heating and having further studied recommendations, as well as the evidence presented at the public hearing, has made the following findings based on the evidence and the testimony presented to the City: (a) That the public heating on the adoption of the reinvestment zone under the applicable provisions of the Act has been properly noticed, called, held, and conducted, and that the notice of such hearing has been published as required by law and has been mailed to the respec- tive taxing units within the proposed reinvestment zone; and That the City has jurisdiction to hold and conduct said public hearing on the creation of the proposed reinvestment zone pursuant to the Act; and (c) That creation of the proposed reinvestment zone with boundaries described within the subdivision will result in improvements, made after April 9, 1998, that are feasible and practical and will benefit the City, its residents and property owners in the reinvestment zone; and (d) That the proposed designation will be reasonably likely to contribute to the retention or expansion of primary employment or to attract major investments to the zone that would be a benefit to the property and to economic development of the City. III. That the City hereby creates Reinvestment Zone Number Eight (8) and its boundaries are those described and depicted in Exhibit "A" and such reinvestment zone shall hereat~er be identified as Reinvestment Zone Number Eight (8) for Commercial Tax Abatement, City of College Station, Texas. IV. That the designation of Reinvestment Zone Number Eight (8) for Commercial Tax Abatement shall expire five (5) years from the date of this ordinance, and will be renewed thereafter for another five (5) years, as permitted by the Act. lahlo:[grouplizgallproject~Jordan[retnv~,t, doc 4/9/98 Ordinance No. 2321 Page 3 Fo That, as provided in the Act, a written agreement with the owner of taxable real property located within the reinvestment zone shall be for a period of eight (8) years and that the taxable real property that is subject to the above-mentioned exemption from taxation shall be the total increase in value of the land and improvements over their value in 1998. In consideration for the owner making specified improvements to the property, a written agreement shall provide for an exemption from taxation of this total increase in value of the property over its value in 1998 in decreasing percentages as set forth in that agreement. The written agreement will require that all taxes be current at the time of execution of the agreement and be kept current to all taxing entities during the term of said agreement. That said designation of Reinvestment Zone Number Eight (8) for Commercial Tax Abate- ment and the written agreement are in accordance with the City of College Station Policy for Tax Abatements and will be a benefit to the land that will be included within the re- investment zone and to the City of College Station after expiration of the agreement with the owner of the property. That if any provision of this ordinance is held to be invalid or unconstitutional, the remain- der of such ordinance shall continue in full force and effect the same as if such invalid or unconstitutional provision had never been a part of it. That it is hereby found and determined that the meeting at which this ordinance is passed is open to the public as required by law and that public notice of the time, place, and purpose of said meeting was given as required. IX. This ordinance shall become effective and be in ~ull force and effect from and after its passage and approval by the College Station City Council and duly attested by the Mayor and City Secretary. PASSED, ADOPTED and APPROVED this 9~d~ day of ~L APPROVED: .,1998. ATTEST: Connie Hooks, City Secretar~ lah~o: ~groupllegal~proj~ct~jordanlr~tnwst. doc 4/9/98 ynn McIlhaney ] F.,XHIBIT "A"