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1988-1791 - Ordinance - 12/08/1988
ORDINANCE NO. 1791 AN ORDINANCE DESIGNATING THE WOLFPEN CREEK CORRIDOR IN COLLEGE STATION, TEXAS, AS REINVESTMENT ZONE NO. 1, CITY OF COLLEGE STA- TION, TEXAS, ENUMERATING THE QUALIFYING CRITERIA, ADOPTING A PRE- LIMINARY DEVELOPMENT AND FINANCING PLAN, ESTABLISHING A BOARD OF DIRECTORS FOR SUCH ZONE, AND OTHER MATTERS RELATING THERETO; PRO- VIDING FOR A SEVERABILITY CLAUSE AND AN OPEN MEETINGS CLAUSE. WHEREAS, the City of College Station gave notice on the 18th day of October, 1988, to the taxing units, College Independent School District and Brazos County, of its intent to consider the imple- mentation of a tax increment financing district, a reinvestment zone, in the area of the Wolfpen Creek Corridor; WHEREAS, the staff of the City of College Station presented to the City Council, a formal presentation as to the requirements of the Texas Tax Increment Financing Act (Chapter 311 et. seq., TEX. TAX CODE ANN. [Vernon 1982]) on the 26th day of October, 1988; WHEREAS, the City Council expressed an interest in the possi- bility of forming a reinvestment zone and directed the staff to invite the College Station Independent School District School Board and Brazos County Commissioners Court to meet with the Council; WHEREAS, on the 9th day of November, 1988, a joint Council, School Board and Commissioners Court meeting was held. On that day, the City staff made a presentation as to the legal require- ments of the Texas Tax Increment Financing Act and the Wolfpen Creek Corridor Development and Financing Plan; WHEREAS, both the College Station Independent School District Board and the Brazos County Commissioners Court waived the sixty (60) day waiting requirement on the public hearing required by the Act, which Resolutions are attached hereto as Exhibits "A" and "B"; WHEREAS, notice of the time and place of the public hearing was published twice on the 16th day of November, 1988, and the 23rd day of November, 1988, in the Bryan/College Station Eagle, which affidavit of publication is attached hereto as Exhibit "C"; WHEREAS, the City gave notice in writing to all taxing units overlapping the territory inside the proposed reinvestment zone; n05444 WHEREAS, a public hearing was held before the City Council on the 8th day of December, 1988, at 7:00 p.m., at the regular meeting of the Council, such date being at least seven (7) days after the date of publication of the notice of such public hearing; WHEREAS, upon such public hearing being convened, there was pre- sented proof and evidence that notice of such hearing had been published and had been mailed as described above; WHEREAS, the City Council at such hearing 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, which is described by metes and bounds description attached hereto as Ex- hibit "D" and depicted in the diagram attached hereto as Exhibit "E", should be included in such proposed reinvestment zone, the concept of tax increment financing, and the creation of a board of directors for the proposed reinvestment zone; WHEREAS, all owners of property located within the proposed rein- vestment zone and all other taxing units and other interested persons were given the opportunity at such public hearing to pro- test the creation of the proposed reinvestment zone or the inclu- sion of their property in such reinvestment zone; WHEREAS, the City staff presented the financing and development plan for the proposed reinvestment zone attached hereto as Exhib- its "F" and "G" and; WHEREAS, the proponents of the reinvestment zone offered evi- dence, both oral and documentary, in favor of the foregoing mat- ters relating to the creation of the reinvestment zone and -xyar—o_ opponents of the reinvestment zone appeared to contest creation of the reinvestment zone; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of College Station, Texas, that: I. The facts and recitations contained in the preamble of this ordi- nance are hereby found and declared to be true and correct. II. The City, after conducting such hearing and having heard such evidence and testimony and considering the preliminary project and financing plan, has made the following findings and determi- nations based upon the evidence and testimony presented to it: - 2 - n05445 A. That the public hearing on adoption of the reinvestment zone has been properly called and held and conducted, and that notice of such hearing has been published as required by law and mailed to all taxing units overlapping the territory inside the proposed reinvestment zone. B. That the City has jurisdiction to hold and conduct this pub- lic hearing on the creation of the proposed reinvestment zone pursuant to the Act. C. That creation of the proposed zone with boundaries as de- scribed in Exhibits "D" and "E" will result in benefits to the City, its residents and property owners, and to the prop- erty, residents and property owners in the reinvestment zone. D. That the reinvestment zone as described in Exhibits "D" and "E" meets the criteria for the creation of a reinvestment zone as set forth in the Texas Tax Increment Financing Act (Chapter 311 et. seq., TEX. TAX CODE ANN. [Vernon 1982]) in that: (1) It is a contiguous geographic area located wholly within the corporate limits of the City. (2) The area is predominantly open and because of obsolete platting or deterioration of structures or site improve- ments, as well as other matters such as inability to fi- nance development through the private sector, the need for an area which will attract tourism to the City of College Station, and the need for a centralized area to locate future governmental buildings of the City of Col- lege Station, substantially impairs or arrests the sound growth of the City. (3) The area within the reinvestment zone substantially ar- rests the sound growth of the City, constitutes an eco- nomic and social liability, and is a menace to the pub- lic health, safety, morals and welfare in its present condition and use due to faulty lot layout in relation to size, adequacy, accessibility or usefulness and sani- tary or unsafe conditions, deterioration of site or oth- er improvements, and the existence of conditions that endanger life or property by fire, flood, improper drainage, erosion or other cause. (4) As required by the Act, not more than ten percent (10%) of the property in the zone is used for residential pur- poses. _ 3 _ 005446 (5) The total appraised value of all taxable real property in the zone according to the most recent appraisal rolls of the City, together with the total appraised value of the taxable real property and all other taxing existing reinvestment zones within the City, according to the most recent appraisal rolls of the City, does not exceed fifteen percent (15%) of the current total appraised value of the taxable real property in the City. (6) Improvements in the reinvestment zone will enhance sig- nificantly the value of all taxable real property in the reinvestment zone. (7) That a preliminary project plan and a financing plan have been developed and are attached hereto as Exhibit "F" and Exhibit "G". Such preliminary project and fi- nancing plans would be the basis for the master plan for the final financing and development plans for the rein- vestment zone and shall assist the staff and board of directors in implementing a successful reinvestment zone. (8) That the following Council members were present and con- sidered the ordinance on December 8, 1988: ... �41, That the City hereby creates a reinvestment zone over the area described by the metes and bounds description in Exhibit "D" at- tached hereto and depicted in the diagram attached hereto as Ex- hibit "E", and such reinvestment zone shall be based on the pre- liminary project and financing plans. This zone shall hereafter be identified as Reinvestment Zone No. 1, City of College Sta- tion, Texas (the "Zone"). IV. The Board of Directors for the Zone shall consist of five (5) member directors. The City Council of the City of College Sta- tion shall appoint three (3) members who shall meet the eligi- - 4 - n05447 bility requirements as set forth in the Act to serve on the Board of Directors. The School District shall appoint one (1) member who shall meet the eligibility requirements set forth in the Act to serve on the Board of Directors. The Brazos County Commis- sioners Court shall appoint one (1) member who shall meet the eligibility requirements as set forth in the Act to serve as a member of the Board of Directors. The School District member, the Brazos County Commissioners Court member and one (1) member appointed by the City of College Station, shall serve an initial two (2) year term while the other two (2) appointed by the City of College Station shall serve initial one (1) year terms. All subsequent appointments will be made for two (2) staggered terms or until a successor director may be appointed thereafter. The City Council shall designate one (1) member to serve as Chairman of the Board of Directors for the year ending December 31, 1989, and each year thereafter, and authorizes the Board to elect from its members a Vice -Chairman and other officers as it sees fit. The City hereby establishes and adopts By -Laws for the Board of Directors of the Zone, a copy of which is attached hereto as Exhibit "H", and delegates to the Board the powers and authority as provided herein. The Board of Directors shall make recommendations to the City Council concerning the administration of the Zone and shall pre- pare and cause to be prepared and adopt a Project Plan based upon the preliminary Financing and Development Plans for the Zone and must submit such plans to the City Council for its approval. The City hereby delegates to the Board of Directors all powers neces- sary to prepare and implement such Project Plan, subject to ap- proval by the City Council, including the power to direct the staff and employ consultants to assist in the preparation of the Project Plan and in the issuance of tax increment obligations. V. That operation of the Zone shall commence on January 1, 1989, and that termination of the operation of the Zone shall occur on De- cember 31, 2009, or at a time designated by subsequent ordinance or at such time subsequent to the issuance of tax increment bonds as all project costs and tax increment bonds, and the interest thereon, have been paid in full. 1AIF That the tax increment base for the Zone, which is the total ap- praised value of all taxable real property in the reinvestment zone, is to be determined as of January 1, 1989, the year in which the Zone was designated as a reinvestment zone. - 5 - n05448 VII. That there is hereby created and established a Tax Increment Fund for the Zone which may be divided into such sub -accounts as may be authorized by subsequent ordinances into which all tax incre- ments are to be deposited. The Tax Increment Fund and any sub - accounts are to be maintained at the depository bank of the City and shall be secured in the manner prescribed by law for Texas cities. The tax increments shall equal the amount of property taxes levied for a year on the captured appraised value, that is, the amount by which the current appraised value of all taxable real property located in the Zone exceeds its tax increment base less any other funds which are to be allocated from the tax in- crements pursuant to the Act. All revenues from the sale of any tax increment finance bonds and notes hereafter issued by the City may be deposited into such fund or sub -account from which money will be disbursed to pay project costs for the Zone or to satisfy the claims of holders of tax increment bonds or notes is- sued for the Zone. VIII. That if any section, paragraph, clause, or provision of this or- dinance shall for any reason be held to be invalid or unenforce- able, the invalidity or unenforceability of such section, para- graph, clause or provision shall not affect any of the remaining provisions of this ordinance. IX. That it is hereby found, determined and declared that a suf- ficient written notice of the date, hour, place and subject of the meeting of the City Council of the City of College Station at which this ordinance was adopted was posted at a place convenient and readily accessible at all times to the general public at the City Hall of the City of College Station for the time required by law preceding this meeting, as required by the Open Meetings law, article 6252-17, Vernon's Texas Civil Statutes, as amended, and that this meeting has been open to the public as required by law at all times during which this ordinance and the subject matter hereon has been presented, discussed, considered and formally acted upon. The City Council of the City of College Station further ratifies, approves and confirms such written notice and the contents and posting thereof. X. That the contents of the notice of public hearing, which hearing was held before the City Council of the City of College Station sff�= n05449 on December 8, 1988, and the publication of said notice, is here- by ratified, approved and confirmed. PASSED and APPROVED on this the 8th day of December, 1988. ATTEST: Didin J e , City Secretary CITY OF COLLEGE STATION BY: ` - 7 - n05450 R E S O L U T I O N WHEREAS, the City of College Station gave formal statutory notire of its intent to consider a tax increment financing district; WHEREAS, the formal presentation to the Brazos County Commissioners' Court and College Station Independent School District Board of Trustees was held on November 9, 1988; WHEREAS, the City of College Station has requested that the Brazos County Commissioners' Court and the College Station Independent School District Board of Trustees waive the statutory sixty day waiting period for the public hearing so the hearing may be set on December 8, 1988. NOW, THEREFORE, BE IT RESOLVED that the sixty day waiting period for the required tax increment financing district public hearing is waived so that the City of College Station City Council can have a public hearing on the proposed Wolf Pen Creek Tax Increment Financing District prior to December 18, 1988. PASSED and APPROVED this 21st day of November, 1988. APPROVED: Kenneth E. Matthews, President College Station Independent School District Board of Trustees ATTEST: � n, dzc l /.T Donald D. Carter, Secretary College Station Independent School District Board of Trustees n05451 Exhibit A RESOLUTION NO. WHEREAS, the City of College Station gave formal statutory notice of its intent to consider a tax increment financing district; WHEREAS, the formal presentation to the Brazos County Com- missioners' Court and College Station Independent School District Board was scheduled for November 9, 1988; WHEREAS, the City of College Station has requested that the Brazos County Commissioners' Court and the College Station Independent School District Board waive the statutory sixty day waiting period for the public hearing so the hearing may be set on December 8, 1988. NOW, THEREFORE, BE IT RESOLVED, that the sixty day waiting period for the required tax increment financing district public hearing is waived so that the City of College Sta- tion City Council can have a public hearing on the proposed Wolf Pen Creek Financing District prior to December 18, 1988. PASSED and APPROVED this Ad. day of , 1988. APPROVED: !v JUD DICK H01dMUREEN Brazos County Commissioners' Court EXHIBIT "B" n05452 AFFIDAVIT OF PUBLICATION THE STATE OF TEXAS COUNTY OF BRAZOS On this ... 29 ___ day of __November-------- 19 _ 88 personally, appeared before me. the undersigned, a Notary Public to and for said county and state, _ Cinder( Schill_— of THE EAGLE, a newspaper published at Bryan. County of Brazos, State of Texas, who, being by me duly sworn, on oath, states that ___a_Rublic notice__Reinvestment Zone_ ________________________ was published to said newspaper in ___2 (two) _ ____ issues thereof on the following dates Nov_ember_16 and_23, 1988_________________ ----- —L——=------------ Subscribed and sworn to before me, this the _Z_____ y of Notary binc, Brazos County, Texas 108 Legal Notices eouaoe se Tex" t t.t6•as.i1-2aae BY The dry Ceuned, an the adt day of Dw rrihar. laBa. el he regular rrepnng at 7= P in . wra const�qr an Ordinence in the aereatof thereWdlPan Creek CorPrior to can. sderetlon 01 the ordnance. the Counci WWI hold a Pu- bit shha �nstQd �ar which cacan- cerrung the at of the reinvest 1 sane, the boundaries 61 t r� Nu men, zone. M lore of ol'hhee, reinvestment zee. and criteria for the creation of relnyastinsitt zone My �e sW�ons making morS 000 may contact thtORa:e of dna Director of Planning at 7611-3570. whlrh Office is fa - used at 1 I01 Tessa Avenue, EXHIBIT C 005453 EXHIBIT "D" A DESCRIPTION OF COLLEGE STATION TAX FINANCING REINVESTMENT ZONE NUMBER ONE Beginning at the East corner of Lot 5 Block 2 Woodstock Section One, a subdivision in College Station, Texas the plat of which is filed in the Brazos County Deed Records, Brazos County, Texas in Volume 436 Page 481. Thence South 47 degrees 51 minutes 11 seconds East, 853.82 feet. Thence North 42 degrees 19 minutes 40 seconds East, 1329.19 feet. Thence North 50 degrees 36 minutes 15 seconds East, 411.55 feet. Thence North 42 degrees 10 minutes 59 seconds East, 351.54 feet. Thence South 30 degrees 40 minutes 49 seconds East, 1419.92 feet. Thence South 55 degrees 27 minutes 50 seconds West, 435.87 feet. Thence South 42 degrees 03 minutes 53 seconds West, 200.00 feet. Thence North 47 degrees 56 minutes 07 seconds West, 323.02 feet. Thence South 42 degrees 03 minutes 53 seconds West, 375.37 feet. Thence South 47 degrees 56 minutes 07 seconds East, 93.21 feet. Thence South 42 degrees 03 minutes 52 seconds West, 881.23 feet. Thence South 35 degrees 00 minutes 18 seconds West, 513.51 feet. Thence around a curve with a radius of 600 feet whose chord has a bearing of South 38 degrees 0 minutes 42 seconds West and a distance of 146.65 feet. Thence South 45 degrees 01 minutes 53 seconds West, 350.52 feet. Thence around a curve with a radius of 940.57 feet whose chord has a bearing of South 58 degrees 28 minutes 27 seconds West and a distance of 437.49 feet. Thence North 23 degrees 36 minutes 03 seconds West, 373.99 feet. Thence around a curve with a radius of 1139.58 feet whose chord has a bearing of North 21 degrees 3 minutes 6 seconds West and a distance of 101.97 feet. Thence North 18 degrees 26 minutes 42 seconds West, 662.99 feet. Thence South 42 degrees 51 minutes 58 seconds West, 480.46 feet. Thence North 48 degrees 12 minutes 52 seconds West, 746.80 feet. np5454 Thence around a curve with a radius of 1005.00 feet whose chord has a bearing of South 54 degrees 2 minutes 39 seconds West and a distance of 431.59 feet. Thence South 41 degrees 39 minutes 07 seconds West, 2346.52 feet. Thence North 49 degrees 12 minutes 44 seconds West, 1287.82 feet. Thence North 42 degrees 27 minutes 37 seconds West, 3594.99 feet. Thence South 47 degrees 32 minutes 59 seconds East, 1213.58 feet. Thence North 42 degrees 27 minutes 01 seconds East, 809.01 feet to the Point of Beginning and containing 222.47 ACRES more or less. n05455 Exhibit D 1.10 1 I n k 1 1 1 0 1 1 p 1 1 1 1 1 1 1 1 Tax Increment Financing Reinvestment Zone No. 1 Preliminary Project Plan Preliminary Financing Plan City of College Station November,1988 EXHIBIT "F" 1 n05457 TAX INCREMENT FINANCING REINVESTMENT ZONE NO. 1 Preliminary Project Plan Preliminary Financing Plan City of College Station November, 1988 np5458 REINVESTMENT ZONE NO. 1 CITY OF COLLEGE STATION, TEXAS Introduction Tax increment financing in the State of Texas is authorized under the Texas Tax Increment Financing Act of 1981. This Act allows a city to establish a reinvestment zone, "capture" increased taxes resulting from increased property values and place the revenue generated into a special fund. These revenues can then be used to finance improvements permitted under the law. The City of College Station has completed a detailed study of the area along Wolf Pen Creek from Texas Avenue east to the East By- pass. This study, conducted by J. T. Dunkin & Associates, Inc., provides recommendations for addressing major drainage and development problems in this predominantly open portion of the city. The study also provides a master plan for both public and private physical development in the corridor. The Wolf Pen Creek Corridor Study and its recommendations were adopted by the Council on October 26, 1988. The Wolf Pen Creek Corridor Study addresses the problems of drainage, erosion and flooding in the corridor. The study provides an analysis of these problems and recommends solutions to these and other problems that inhibit development in the corridor. The study also provides a plan for public and private development in the corridor that utilizes the creek as an area feature while addressing drainage and erosion problems. Included in the study are various recommendations for implementing and funding the recommendations for improvements. Tax increment financing is one of these funding mechanisms. n05459 Ma 0 The area for consideration as a tax increment reinvestment zone is described in Appendix A. This area can generally be described as the area bounded by Texas Avenue, Holleman Drive, Harvey Road and Dartmouth Drive combined with the area bounded by Dartmouth Drive, Holleman Drive, Colgate Drive and the East By-pass. The zone includes all four tracts fronting the intersection of Holleman and Dartmouth and the Lowe's tract along the By-pass. The boundaries of the zone are reflected in Figure 1. Property ownership is given in Appendix B. n05460 2 \leeeee ) . .e \ (©)\ }e \\( s ; 2«�2 d/24: ./ ,? //� ( z/\ee § 411, . ƒ }l« §/ ® e \% 2« a );ee /) � \ k | A e,4% « ee ƒ !e /: 4 `\!!, \\ ) tl6 e()� amp .!K ;© • ! m A v sga:% .e % ee% ,1} 2 / z % \9 & x, % «\.a ,, % e4s, 9 !} 44 e . e z./.4 � § C)§� 2k) @§§ �al� �§a m■w �C2 » km§ �:0§ 0 ■ 61 Preliminary Project Plan The Tax Code requires that a project plan be prepared by the reinvestment zone board of directors. The project plan must include a map showing existing conditions, uses of real property in the zone, proposed improvements and proposed changes in city codes and master plans. A preliminary project plan, including the information required for the final project plan, has been established and is presented below. Use of Real Property The proposed reinvestment zone is predominantly open. An analysis of land use within the zone indicates that 85 percent of the area is open or undeveloped. Land use by acre in the zone is given in Table 1. Land use patterns are reflected in Figure 2. Table 1. Use Acres Public/Institutional 1.9 Sigh Density Residential 13.4 Commercial 18.0 Open/Undeveloped* 194.8 Total 228.1 * Includes street rights -of -way. n05462 4 s Area Property Conditions An inspection of the area was conducted to document the current conditions of real property and structures in the area. Surface concerns, such as erosion and trash dumping, were identified. Building conditions were evaluated and graded on the following basis: Excellent- No visible need of repair or improvement; Good- Appears to be structurally sound with visible need of minor repair; Poor- Structure has visible need of major repairs; Dilapidated- Structure has visible serious defects, repair or improvement does not appear structurally or economically feasible. The results of this inspection are reflected in Figure 3. n05464 0 a9 39 O$ gIca � ag e g c O a q O ag R1 �yDo196 O � b � L g LM a N pw 1 zm Rxo NNa j b J Q O u wa ®-ii 3niaa A4 p pp poo0 �� e ++. + o p�p o }M 3 r L_J eeo a 0 0 i 0 o Q w < r 0 ❑ it Y3 W o m a w 0 a o > 3Ad SVX31 n05465 Im 8 cl O 8 2g39 � b g 8 M. so Qme O oc 8 O a Hs 29 O a M � ®tea � 29 m N Wp j OW z k' p p � a nJ Z W QG 0 2Na U O O¢ U I wmx(3a> w o I-L r Wd All E ONE] pO u ®VI 9 H ° IL i ee ° ° °°°°° e g S ° ° r H w a O w a np5466 h Mq Another major condition affecting property in the zone is the Wolf Pen Creek floodplain. This floodplain, and associated drainage considerations, are an important element in the project plan for the zone. A hydrologic and hydraulic investigation of the creek and its tributaries was prepared as a part of the Wolf Pen Creek Corridor Study. This investigation updates the 1981 Flood Insurance Study, identifying current floodplain conditions along the creek. The resulting information from the investigation indicates that the flood plain and flood way associated with Wolf Pen Creek have increased in width (and impact) in part of the corridor. The floodway and flood fringe constitute serious limitations to development of the open areas in the corridor. Effective, comprehensive solutions to the drainage and erosion problems along the creek cannot be made on a tract -by -tract approach as is found in private development along creeks in College Station. All analysis, evaluation and conceptual design of the project plan are made in consideration of the limits of the floodway and flood plain. The floodplain identified in the corridor study is reflected in Figure 4. n05467 W e A number of proposed improvements are included in the Wolf Pen Creek Corridor Study. These improvements can be placed into two categories: Wolf Pen Creek Park or the "core area" improvements, and, Wolf Pen Creek Corridor improvements. The core area improvements include various park elements and improvements designed to address drainage and erosion problems as well as develop a linear park, major water features and area focal points. The corridor area improvements include community facilities and expansion of the park elements beyond the core area as well as support facilities. The cost estimates associated with all improvements are given in Appendix C. A schematic master plan for the corridor is reflected in the following drawing. n05469 10 I i� i P � I!r 1I • E �f 44iC�C�: i 3 it n05470 = Changes in Master Plan and Ordinances The improvements recommended in the Wolf pen Creek Corridor Study are in accordance with the comprehensive plan for the City of College Station. The plan was amended by Council action on May 28, 1987 to reflect a park along the creek corridor. This amendment was made by resolution. The City's plan is currently under review. The Council's action will be incorporated in the final product resulting from that review. It is anticipated that amendments to the College Station Zoning Ordinance will be made as part of the implementation of this project Plan. Most of the property in the Corridor is classified as district C-1 General Commercial (Figure 5). Potential changes in the ordinance include: Creation of a special overlay district for the Corridor which establishes separate development standards by categories of use for permitted uses in the district; Development of standards for building setbacks, parking, signage, landscaping , etc., unique to the corridor; Creation of development incentives. Ordinance amendments will be designed to provide controls and safeguards necessary to protect the integrity of the project as well as incentives to encourage private participation in the project. n05471 12 The tax increment financing plan for Reinvestment Zone No. 1, City of College Station, identifies the project, or projects, to be accomplished, and the monetary relationships which accompany the project for funding and ultimately paying for the improvement. Proiect Identity The Reinvestment Zone No. 1 has been proposed as set forth in the project plan. This project is a combination of physical improvements in the areas of drainage and recreation facilities along the Wolf Pen Creek corridor. The development will consist of a complete core area in and along Wolf Pen Creek from Texas Avenue to the East Bypass. It will include clearing and excavation along the creek to create a series of several lakes, fountains, trails and playground development. These improvements are to be made to minimize the amount of erosion taking place and to enhance the economic development in the area. n05473 14 Estimated Project Costs The detailed project costs are summarized as follows: Construction Costs Core Area A. Estimated land cost $160,000 B. Park Elements o Hike & Bike Trail $455,000 o Rest Benches 5,000 o Nature Walking Trail 50,000 o Clearing, Excavation Lake Development 2,880,000 o Spray fountain 75,000 o Picnic Tables 15,000 o Picnic Shelters 30,000 o Play apparatus 15,000 $3,525,000 Total Core Area $3,685,000 Preliminary project estimates for land costs and physical improvements for drainage and water features, landscaping and lighting have been prepared by J.T. Dunkin & Associates, Inc. This project is intended to stimulate development of properties in this area. The intended purpose of this development is to create a highly visible area attractive for visitors to the community. Economic Feasibility The City of College Station was aware that the area of the Wolf Pen Creek corridor was eligible for the creation of a tax increment financing district. This area, or the Zone, as documented in the Project Plan section, is an undeveloped area with limited development expected in its current state. A. Appraised and Captured value Real property appraised value for the Zone is shown in Table 2. As indicated, a slight increase in total value is shown n05474 15 u in the first year. Each year reflects a 3 percent increase (38) in value due to the effect the project is anticipated to have on surrounding properties. It is also estimated that one additional project would be started each year in the zone because of this development. TABLE 2 Captured Value and Tax increment Projection Real Property Captured Year Appraised Value Appraised Value Tax Increment 1989 19,756,411 -0- -0- 1990 21,849,103 2,092,692 40,445 1991 26,004,576 6,248,165 120,758 1992 28,784,713 9,028,165 174,490 1993 31,148,254 11,391,843 220,170 1994 33,582,702 13,826,291 267,220 1995 36,190,183 16,433,772 317,615 1996 38,975,888 19,219,477 371,455 1997 41,945,164 22,188,754 428,842 1998 45,103,519 25,347,108 489,883 1999 48,456,625 28,700,214 554,689 B. Taxing Units There are three taxing units which are the source for calculating the annual captured value and tax increment. These units and their respective tax rate per one hundred 14 dollars of valuation are: City of College Station $ .38 College Station I.S.D. 1.21 Brazos County .3427 Total $1.9327 In the above appraised and captured value analysis, no change in the tax rate of any of the three units was considered. However an increase above $1.9327 rate per one hundred dollars of valuation would subsequently increase the tax increment for that and the following years. n05475 C. Texas Park and Wildlife Grants The City of College Station and the Zone will apply for and it is anticipated to receive a series of parks development grants that will match on a fifty-fifty basis all eligible costs. The anticipated schedule of grant application is: Spring 1989 Spring 1992 $510,000 500,000 The application for the first grant is currently being developed and will be submitted to the Texas Parks and Wildlife Department by January 311 1989 D. Tax Increment Bond The City of College Station has proceeded with analysis for financing a portion of the project costs with bond funds. The amount included in the plan for proposed tax increment bonds are as follows: Series 1990 Series 1992 $lt500,000 1,000,000 n05476 17 The financial requirements to amortize these issues on an annual basis would be as shown below. The first two or three years of interest requirements would be capitalized under this financing plan. Fiscal Year Requirement 1990-91 $127,500 1991-92 167,500 1992-93 249,100 1993-94 275,700 1994-95 269,750 1995-96 263,800 1 1996-97 267,850 1997-98 261050 1998-99 324,250 1999-00 311,500 ' 2000-01 298,750 2001-02 311,000 2002-03 296,125 2003-04 1 281,250 2004-05 266,375 2005-06 256,500 2006-07 241,200 • 2007-08 225,900 2008-09 210,600 2009-10 195,300 n05477 P� 18 0 r Financial Structure The above economic analysis sets forth the financing for the Zone's proposed projects . In summary, the following is the recommended financial structure for the Financing Plan. A. Project Cost $3,685,000 B. Funding Texas Parks and Wildlife Grant 11010,000 Bond Funds (Net Proceeds) 2,075,000 City Funds 500,000 Land Dedication 100,000 Total Funding $3,685,000 Proiect Duration The project duration will be for the 20 year amortization period of the initial bond issue. During this period, the Zone will have collected tax increment funds in excess of the annual amortization schedule. It would be expected these funds would be banked and would used to make further improvements within the limits of the initial project. n05478 19 Appendix A Preliminary Description of Reinvestment Zone P� n05479 �. PRELIMINARY BOUNDARY DESCRIPTION POTENTIAL TAX FINANCING REINVESTMENT ZONE NUMBER ONE PLACE OF BEGINNING is the intersecting centerlines of Texas Avenue and Harvey Road; THENCE approximately 3605 feet along the centerline of Harvey Road to the centerline of Dartmouth Street; THENCE approximately 1200 feet along the centerline of Dartmouth Street to a point intersecting the northerly property line of the Reserved for Future Development (R.F.D.) portion of the Woodstock Subdivision; THENCE approximately 800 feet along the northerly boundary line of the R.F.D. of the Woodstock Subdivision; k` THENCE approximately 850 feet along the easterly property line of the R.F.D. of the Woodstock Subdivision to the centerline of Holleman Drive; THENCE approximately 2075 feet along the centerline of Holleman Drive to the westerly right-of-way of S.H.6 (Bypass); THENCE approximately 1425 feet in a southerly direction along the westerly right-of-way of S.H.6 to a point on the southeast corner of Lot 3R-1, Block B, Eastmark Subdivision Phase II; THENCE approximately 650 feet along the southernmost property line of Lot 3R-1, Block B, Eastmark Subdivision Phase II; THENCE approximately 325 feet along the westerly property line of Lot 3R-1, Block B, Eastmark Subdivision Phase II; THENCE approximately 325 feet along the southerly property line of Lot 15R-1, Block B, Hastmark Subdivision Phase II to the centerline of Hastmark Drive; pa THENCE approximately 100 feet along the centerline of Hastmark Drive to the intersection of the centerlines of Eastmark Drive and Colgate Drive; THENCE approximately 2350 feet along the centerline of Colgate Drive to the centerline of Dartmouth Street; THENCE approximately 1125 feet in a northerly direction along the centerline of Dartmouth Street to a point intersecting the southerly property line of the R.F.D. of the Woodstock Subdivision; THENCE approximately 475 feet along the southerly property line of the R.F.D. of the Woodstock Subdivision; THENCE approximately 750 feet along the westerly property line of the R.F.D. of the Woodstock Subdivision to the centerline of Holleman Drive; 005480 THENCE approximately 2825 feet along the centerline of Holleman Drive to the centerline of Texas Avenue; THENCE approximately 1300 feet in a northerly direction to the centerline of Harvey Road; such a point being the same as the PLACE OF BEGINNING. n05481 - 2 - Appendix B Property Ownership n05482 @H 8 ® g g � b g 59 0 8 p� n-^ Rd ICJ cl 0- 8 MJ 016 ® Am S tl Grp Cb Y,My / n 1/rep x s 1 I 1 GI � ry N FBI m mml m I 11101, . l u n05483 OI A C.) N J 01� OTZO O mmo Om� W 0 31 O O J n O O 003 70 0C s u= J o 7 7 Q 0 10 m m 7 m n G S O m X a f»la Ul m O m 9)X 00 ,. O? j X Y m= (A74% 7 m X Q fAa (0)bpi m �e om� :c 3m_.A3 0 7 3 O 06 7J/OIC m -{ O� O ?J/ 0 O a 7 3 0 C 0 X m3r J d a C m o y 7 a V g �! m to N O 7 o Q O N G O O O Y O 7 C n 7 m to m m m m m m 3 3 3 3 Pj 3 to O i m O o O s O m O o O m O O o m y y 31 y m 3 OI Y 31 O m a a n a n a a a -{ D o -� a 7 7 7 n NN Vm N m a (n N O 2r x w x w w w C i w w 5 O» 5 O O W A fJ s r w » m m G V m p r� w m O1 N A W N J O e n eDi epi .O. e>i M N is N N � N W N N A m $0 P N N P N P N P N N ZA N O P N -+ W N So in In m m [N.1 O ca ca W V V (011 V pWp A m A En m O O O O O O O O O O O O O O O M J y W i N J N LM P co -4J al O O O O N N H 40 � NNNNNy W $0 Fo ID P P P e N P1� N W X in m CD m CD4 m J w (� m iCO J O ? N 4 Y A I N al m O O D {..! O O O O O O O O O O O 005484 N m V m O D m O p O 0 0 O'' 0 En o O e io 3 003 e o o =n e� m m o z n p (AX < mco y sy3 u U1 Co s%C13 O v» C< m O O 7 3 j 3 w Y n `a. �n3 0 0 O O O En to m m m m m m m m m m m m N� O O s O o O u O u O u O u O u O s O u O u O s O s s n n n 1 n . n n n a . n . n n a n 0 n n 7 f f f f 44E f f I i f a i f c n s u o s s s s s s s s s 'C r r r r r r r r r r r r r D P o O O O O O O O O O O O M O M u V N V m pp M Myq Mpp M N M N M O M m V W N A W m v cl m 0 u N N ~ N N N M N N N N ~ P V � (at A p A v ID P P P P P m i m A N i N A O to m m O m m m m m m O m O m m O O Ol V O O O O O O O O O O O O O O N O A it SO V CD m m In O O M ca H M N N M N p yy N iv V So i iV J A i in i P SD P P P P P o o 0 0 S o S 8 8 3 s u n I 005485 J Ol o- m A m� Z 3 m m 01 N O s N m O. -U 7 n 0 n m 0? 7 a 0 m Q30 .�i�DX CD 00 N X C u G cm v EnO Q A u m m N X' O V O O 7 O J A o �o p-u�r 7 n 0 00 O m a m m 10 m u 7 o m 0 n e tax 0 v3 O K m 0 1 0 C ? 7 a a u O v 6 V m W V m a� O 7 O r J L m C N40 D N= � u ? m u 7 0 O. 7 O. O m i m 'O to 0 0 0 e L m 7 m X m Z V n# m pay 0 w 14 ,0;ae f1 m N 3 " 7 N J O o m m Q F. m A cn o to X +m 0 V �. ? o u V O 3 3 3 043 0 oo " •• 31 11 0 7 31 CA) 0 a 0 N J : xm 0 r v m u COEyJ n AA m mA G N O ?A -< u i QJ0 A� X ADO N O10 a:0 A to svO O 7 m u u 0. cmf V jo v (p m m a .... o u D D O D CD u •` t n 'm v N p 1103 It Go a Cj CA pp A �' O AOm VlN Om m O O O 0 O O O O O O ON "a N m N to A C"w AAA N�� c071 Ni +1 00000 O1 w J 0 0000 ow No � M N N N py A co O (o V 0) N N N N A 00 m O 0000 m O m O O O O n05486 A N N J + J J O m m V Om-iUl =OIL 2„T O n-0U) M mpD 003 n0xo °c0� ,tq c °03 �0a 30 7 m m - Odn D �om°m3 �D � xuQ aA xC3^CpX Qh3 UJ [ p-. dUm rmma N W O � 7 6 m 0 1M�7n DNm m 0 y WAmn No V . n ® Oin0 WVVJ ' V) Wm m ul x V m m V A m m O m pp W m V V `1 O C A m ONI O O 0 7 O A 7 N 7C m O N w mK 7C w ® m w O O 0 V m A A Ni O O 7 m w O O x V O 7 p iNW .m.0 CDOWNonAwima o CD�+o xV , mmO D DO O pD3 3 -7cpnAma Da` r 7c r 7c co m 7c e x N O O O °wmmum ax wu N m -' m O O O O -u c n n n e m 7C 7C 7C 7C - V final N J Q iu o m m m O 7r m D v a ca y r r r r b `' c n o0 » 0O e > u m i N i O m u D ;n m m 7 l is is (A IN 69 la M J i i P) P3 0 Fn N P" m P N (a 0"' nro 0 o O O O O o M O a W Iin N m O y � i N Sn Np ? w P N 4 i O ima7 ? V (a v N V O O O O O 8 O W O n05487 T to mmm mwu O.uCk 000 m O 00 c o d o 0 ?m7 3m> I0 a30 a&0 7V17 me O S 7 e 0 e` o e I. JJJC 7 V x 3 .4I2 Qp p J; b 0 V O O S n V 140p =8o3 = = 0O�g f00 j N o s j A j 7 m "- d 7 r 7 Ip 4 x Vmm CL mV a m A m A N O 0 O O mVl mW mUl mV) m Ol n# C, a o f x e -I �7 �7 S7 w7 1 J J J J J m r-u r� r� r� r O »n 00 o0 oC o 1 J O N 0 O p A O 1 1 1 1 ca N J N N N ca L) in J i J CD D D u o w u a n u u u qp N N N M foil �l V V V N O m N N O cn O O O O y NJ N N N (Oil V V V 0 0 g 0 0 n05488 O m 93 V Oho Opz0 Om� wML mi a OTZO H� i0 0 O O O Y Y Y_ 00 V O Y 2000 O C O o m 7 n 0 O s n Y 0 7 m O s w tOi Y i 10 m 10 m0_]! ;� m� O Shc m33 a mv� p wZso O O VJ X O Vl X / Y� 0 X m � i; - � R, I Ox YA O 0 r1 i Y w i O Y Y 0 0 i '" Y `I O 7 QY -�. Y rnrn,Smx m3 a Nu o IS 'Y-'�j Y x�7 N s . m C 3 Am V j N u s O C V O O a n 170 on cotYct a K 14 -4 , m , Y i O N N O m� mD my m'v my m MO 3 0 Ol O 0 a O 0 n 0 0 O 0 n 0 n 0 n 0 ]� s� s7 s? s? s? s ss co Y 41 Y Y A Y A Y A A Y m r o rA o V O O Y O Y 0 O O pa ca i N 41 G A m O m 1 Y Y N IS A Pi m m p o 0 0 0 0 0 V Ul la m P) A ID Cl) A) • N N N En O O O O P R 0 JD �A71 O O O O m n05489 m m § zza0 gmaa oID QCD.K ■0■0 AJx &§■ )2}& -0 Xa) 00 ,m.m o C sx;� �'� )\ |W Qrl CL trm0� K }(i} §D/ gI g {g aa 00 }3 02 3 )§g E §� 0 1 %4 cLo Ell '130 o ) I \ _ t P g EDm 3 I ( \ \ cn 0M Dr§ g � k 0 0 $ § I 0 C40 � k k § k § § s k la k § § 2 s m, ka \� n05490 Appendix C Cost Estimates 005491 PRELIMINARY COST ESTIMATE WOLF PEN CREEK CORRIDOR Use Area A. Wolf Pen Creek Park 1. Core area a. Estiamted land cost b. Park elements Bike & bike trail Rest benches Nature walking trail Lake development Clearing & excavation Spray fountains Picnic tables Picnic shelters Play apparatus B. Wolf Pen Creek Corridor Elements Eligible for Grant Assistance 1. Botanical Gardens a. Estimated land cost b. Garden improvements Acquisition $160,000 $455,000 Development $3,525,000 $1,700,000 n05492 Use Area Acquisition Development 2. Arboretum a. Estimated land cost $210,000 b. Facility improvements $250,000 3. Nature Study Center a. Estimated land cost $95,000 b. Center development $600,000 C. Future Community Facilities (Developed by Local Funding) 1. Chain Lakes Water Features a. Estimated land cost $130,000 b. Feature cost $200,000 2. Historical Museum a. Estimated land cost $145,000 b. Building and facilities $1,700,000 3. Performing Arts Center a. Estimated land cost $65,000 b. Facilities improvement $1,700,000 4. Sculpture Garden a. Estimated land cost $32,000 b. Garden development $800,000 5. Library and Ampitheater a. Estimated land cost $540,000 b. Facilities improvement $3,750,000 6. Eastside Community Center a. Estimated land cost $260,000 b. Facilities improvement $2,000,000 n05493 co OC 1— Z d— FQ— W W J U EXHIBIT G IF n05494 2 §■§�§ c�� s■t f$f0+ @k o E)$cvk> �k©co cc 0 § _■�0 k� � »=o� ■ »_§ §� - s� § °t��@2a § o_«2LL �i �■ G ���& _� a ' { 2 k � § § )cm k § cm � cc_ ° _ § kLU LU a k be IL 7 FA ■ § E CC B §� �■LL § CL E •f��° o §a 0 CL 2 § Ge 2%$ui§ ca ��» ,«: o ) � k kk�fl■■� �(kC'A 2 k� ��w■� tC�w ��L�q4k.,E50) 0LL050-1> CL z-jcoocc��5IS■e§ n05495 m O ^ O N CO l0 19 CL m Z m LU 3 8 c � IL W o g9tiE91�w dadcic (O EO O N E f0 m N� W W n05496 n05497 Z O H V G O Q �n• µv �� } '1 V. Y 1p v _ T- . h IN .y. 1`• `3.. i,'. _ r •. I e r .. ,r 4�I I Ur 6 n05499 o ca ;NI 4 /, CL s C 6P54 OypPe Ob�'� y , � ✓ C yy a 4V W ` ) n05500 n05501 n05502 o� �a .LU N Z n05504 T I ca a N" 9 n05505 0 N n05507 m m ca M g w ON S u S�u dj t iN nr. 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L S a ] O r p Y g r O r S S q r Y 4 V C r C L L r O 4 r •' n_ O 6 Y - O] ) r r V ■ C V N - S a f a G t w V T! V p) Y r y O ) • O w u p C Y C V 4 V 4 > C 4 L r V 9 Y> C w C •� V f Y a r p N O•• Y r Y � u V L L)] 9 Y T Y u V T Y T T- 4 v L Y 4 S i 4 V a V Y u Y w Y C S O• O O O r y [ ! r 6 C C ` '• O q e a RY- Y N Y O r C c y r C V O Y Y- w O w r O e C J e O q Y N N a �• tl "' aN \ y r 4 O V 6 Y q_ 2 C S a >• r> Y O r T g Y R e O • TS V w) >• Y! r - Y Y Y C C- O L> Y e r q 4 C O r u O L L r O a 2 CI ] r q C O Y! V V O C L Y C O Y! O O • S L] O T! Y r - e T O O• r p.r Y L Y y Y C V q a C Y[ e N YiW 1+wrr rw V\V- 6YN! -Jr g6rr9t0- Fr >•gYYr N ■ n05577 Exhibit "H" BY-LAWS OF THE PROPOSED COLLEGE STATION REINVESTMENT ZONE By -Laws of the Board of Directors of Reinvestment Zone No. 1, City of College Station, Texas. Section 1 - ARTICLE I. - POWERS AND PURPOSES et i- nana Plan for the Zone. In order to implement the purposes for whichcinReinvestment Zone No. 1, City of College Station, Texas (the "Zone") was formed as set forth in the ordinance creating the Zone, the City of College Station, Texas (the "City") autho- rized the Board to direct the staff and hire consultants to de- velop a final financing and project plan, hereinafter referred to as the "Project Plan", and may issue obligations to finance all or part of the cost of implementing the Project Plan for the Zone as defined in the Texas Tax Increment Financing Act of 1981, Sen- ate Bill No. 16, 67th Texas Legislature Special Session 1981 as codified in the Texas Tax Code, Chapter 311 et. seq. Section 2 - Condition Precedent to Issuance of Obligations. No obligations shall be issued by the City on behalf of the Zone unless: (1) the City Council of the City of College (the "Coun- cil") has approved by written ordinance, adopted prior to the date of delivery of the obligations, the amount and purpose for which the obligations are being issued, and specifically approved the Project Plan and approved the resolution adopted by the Board of Directors of the Zone ("Board of Directors") approving the Project Plan and providing for issuance of obligations, and (2) the Attorney General of the State of Texas has approved the con- tents of any resolution or agreement adopted by the Board of Di- rectors in connection with the issuance of obligations. Section 3 - Books and Records A royal of Pro rams, and Fi- nancial Statements. The Boar o Directors s a keep correct and complete books and records of account and shall also keep minutes of its proceedings and the proceedings of committees hav- ing any of the authority of the Board of Directors. All books and records of the Zone may be inspected by any Director or his agent or attorney for any proper purpose at any reasonable time, and at all times the City Council will have access to the books and records of the Zone. The City Council must approve all pro- grams and expenditures for the Zone and shall annually review any financial statements of the Zone. ('1n5578 ARTICLE II. - BOARD OF DIRECTORS Section 1 - Powers, Number, and Term of Office. The property and affairs of the Zone shall be managed and controlled by the Council based upon the recommendations of the Board of Directors, and subject to the restrictions imposed by law, the ordinance creating the Zone, and these by-laws. The Board of Directors shall exercise all of the powers necessary to implement the Proj- ect Plan, which powers are by written ordinance delegated to it by the Council. The Board of Directors for the Zone shall consist of five (5) member directors. The City Council of the City of College Sta- tion shall appoint three (3) members who shall meet the eligi- bility requirements as set forth in the Act to serve on the Board of Directors. The School District shall appoint one (1) member who shall meet the eligibility requirements set forth in the Act to serve on the Board of Directors. The Brazos County Commis- sioners Court shall appoint one (1) member who shall meet the eligibility requirements as set forth in the Act to serve as a member of the Board of Directors. The School District member, the Brazos County Commissioners Court member and one member ap- pointed by the City of College Station, shall serve an initial two (2) year term while the other two (2) appointed by the City of College Station shall serve initial one (1) year terms. All subsequent appointments will be made for two (2) year staggered terms or until a successor director may be appointed thereafter. Any Director appointed by the Council may be removed from of- fice by the Council for cause or at -will. Section 2 - Meeting -of Directors. The Directors may hold their meetings as suc place or places in the City as the Board of Directors may from time -to -time determine. Section 3 - Re ular Meetin s. Regular meetings of the Board of Directors sha e e at such times and places as shall be designated from time -to -time by resolution of the Board of Direc- tors. Section 4 - S ecial Meetings. Special Meetings of the Board of Directors shal be hel whenever called by the Chairman, by the Secretary, by a majority of the Directors upon the advice of or request by the Council or the City Manager. The Secretary shall give notice to each Director of each spe- cial meeting in person or by mail, telephone, or telegraph, at least two (2) hours before the meeting. Unless otherwise indi- cated in the notice thereof, any and all matters pertaining to - 2 - r)05579 the purposes of the Zone may be considered and acted upon at a special meeting, and any meeting at which every Director shall be present, even though without any notice, any matter pertaining to the purposes of the Zone may be considered and acted upon. Section 5 - Quorum. A majority of the Directors fixed by the ordinance creating the Zone shall constitute a quorum for the consideration of matters pertaining to the purposes of the Zone. The act of a majority of the Directors present at a meeting at which a quorum is in attendance shall constitute the act of the Board of Directors, unless the act of a greater number is re- quired by law. Section 6 - Conduct of Business. At the meeting of the Board of Directors, matters pertaining to the purposes of the Zone shall be considered in such order as from time -to -time the Board of Directors may determine. At all meetings of the Board of Directors, the Chairman shall preside, and in the absence of the Chairman, the Vice -Chairman shall exercise the power of the Chairman. The Secretary of the Board of Directors shall act as Secre- tary of all meetings of the Board of Directors; but, in the ab- sence of the Secretary, the presiding officer may appoint any person to act as secretary of the meeting. Section 7 - Executive Committee. The Board of Directors by resolution passed by a majority or the Directors in office may designate two (2) or more Directors to constitute an Executive Committee, which Committee, to the extent provided in such reso- lution, shall have and may exercise all of the authority dele- gated by written ordinance of the Council to the Board of Direc- tors in the management of the Zone, except where action of the Board of Directors is specified by law. The Executive Committee so designated shall keep regular minutes of the transactions of its meetings and shall cause such minutes to be recorded in books kept for the purpose and shall report the same to the Board of Directors from time -to -time. Section 8 - Com ensation of Directors. Directors as such shall not receive any sa ary or compensation for their services, except that they shall be reimbursed for their actual expenses incurred in performing their duties hereunder. ARTICLE III. - OFFICERS Section 1 - Titles and Term of Office. The officers of the Zone shall be a Chairman who must be appointed annually by the Council for a one (1) year term beginning January 1. A Vice- - 3 - n05580 Chairman, a Secretary and such other officers of the Board of Di- rectors as may from time -to -time be elected or appointed by the Board of Directors. One person may hold more than one office ex- cept that the Chairman shall not hold the office of Secretary. Terms of office for officers other than the Chairman shall not exceed two (2) years. All officers other than the Chairman shall be subject to re- moval from office with or without cause at any time by a vote of a majority of the entire Board of Directors. A vacancy in the office of any officer other than the Chairman shall be filled by a vote of a majority of the Directors. Section 2 - Powers and Duties of the Chairman. The Chairman shall be the chief executive officer of the Board of Directors and, subject to the approval of the City Council, he shall be in general charge of the properties and affairs of the Zone and shall preside at all meetings of the Board of Directors. Section 3 - Vice -Chairman. The Vice -Chairman shall be a mem- ber of the Board of Directors and shall have such powers and du- ties as may be assigned to him by the Board of Directors and shall exercise the power of the Chairman during the officer's ab- sence or inability to act. Any action taken by the Vice -Chairman in the performance of the duties of the Chairman shall be conclu- sive evidence of the absence or inability to act of the Chairman at the time such action was taken. Section 4 - Secretary. The Secretary shall keep the minutes of all meetings of the Board of Directors in books provided for that purpose. He shall have charge of such books, records, docu- ments, and instruments as the Board of Directors may direct, all of which shall at all reasonable times be open to inspection, and he shall in general performance of all duties incident to the of- fice of Secretary be subject to the control of the Council and the Board of Directors. Section 5 - Compensation. Officers as such shall not receive any salary or compensation for their services, except that they shall be reimbursed for their actual expenses incurred in the performance of their duties hereunder. ARTICLE IV. - PROVISIONS REGARDING BY-LAWS Section 1 - Effective Date. These by-laws shall become ef- fective only upon the occurrence of the following events: (1) the approval of these by-laws by the Council, and (2) the adoption of these by-laws by the Board of Directors. - 4 - 005581 Section 2 - Amendments to the By -Laws. These by-laws may be amended by majority vote of the Board of Directors provided that the Board of Directors files with the Council a written applica- tion requesting that the Council approve such amendment to the by-laws specifying in such application the amendment or amend- ments proposed to be made. If the Council by appropriate resolu- tion finds and determines that it is advisable that the proposed amendment be made, authorizes the same to be made, and approves the form of the proposed amendment, the Board of Directors shall proceed to amend the by-laws. The by-laws may also be amended at any time by the Council at its sole discretion by adopting an amendment to the by-laws by resolution of the Council and delivering the by-laws, as amended, to the Secretary of the Board of Directors. Section 3 - Inter retation of B -Laws. These by-laws and all of the terms and provisions ereo s a be liberally construed to effectuate the purposes set forth herein. If any word, phrase, clause, sentence, paragraph, section, or other part of these by-laws, or the application thereof to any person or cir- cumstance shall ever be held to be invalid or unconstitutional by any court of competent jurisdiction, the remainder of these by- laws and the application of such word, phrase, clause, sentence, paragraph, section, or other part of these by-laws to any other person or circumstance shall not be affected hereby. ARTICLE V. - GENERAL PROVISIONS Section 1 - Notice and Waiver of Notice. Whenever any notice whatsoever is required to be given under the provisions of these by-laws, said notice shall be deemed to be sufficient if given by depositing the same in a post office mail box in a sealed post- paid wrapper addressed to the person titled thereto at his post office address as it appears in the books of the Zone, and such notice shall be deemed to have been given on the day of such mailing. Attendance of a Director at a meeting shall constitute a waiver of notice of such meeting, except where a Director at- tends a meeting for the express purposes of objecting to the transaction of any business on the grounds that the meeting is not lawfully called or convened. Neither the business to be transacted nor the purposes of any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting unless required by the Board of Direc- tors. A waiver of notice in writing signed by the person or per- sons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. 5 - 005582 Section 2 - Resignations. Any Director or officer may resign at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or, if no time be specified, at the time of its receipt by the Council. The accep- tance of a resignation shall not be necessary to make it effec- tive unless expressly so provided in the resignation. Section 3 - Action Without a Meeting of Directors or Commit- tees. Any action which may be taken at any meeting of the Board of Directors or of any Committee may be taken without a meeting if a consent in writing setting forth the action to be taken shall be signed by all of the Directors or all of the members of the Executive Committee, as the case may be. Such consent shall have the same force and effect as a unanimous vote and may be stated as such in any resolution or document filed with the Coun- cil, the Attorney General, or any other person. Section 4 - A roval or Dele ation of Power b the Cit Coun- cil. To the extent that t ese y- aws re er to any approva y the City Council or refer to the delegation of powers to the Di- rectors by the City, such approval or delegation shall be evi- denced by a certified copy of an ordinance or a resolution duly adopted by the Council. - 6 - 005583