HomeMy WebLinkAboutR2012-031s:llegal\our documentsUesolutions\121reimbursement by tif district for county property.doc
RESOLUTION NO. �012-031
A RESOLUTION EXPRESSING THE 1NTENT OF THE CITY COUNCIL OF THE CITY OF
DENTON, TEXAS TO SEEK REIMBURSEMENT FOR THE PURCHASE PRICE AND ANY
REMEDIATION COSTS UNDER CERTAIN CIRCUMSTANCES FOR THE PROPERTY
ACQUIRED PURSUANT TO ORDINANCE NO. 2012-187, CONSISTING OF A 2.0 ACRE
TRACT, MORE OR LESS, AND LOCATED 1N THE HIRAM SISCO SURVEY, ABSTRACT
NO. 1184, DENTON COUNTY, TEXAS, AND LOCATED GENERALLY AT THE
SOUTHEAST CORNER OF THE 1NTERSECTION OF EAST MCKINNEY STREET AND
OAKLAND STREET, AS MORE PARTICULARLY DESCRIBED THEREIN; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Denton acquired the 2.0 acre tract referenced above for a
purchase price of seven hundred seventy-nine thousand eight hundred ninety-five and no/100
dollars ($779,895.00) pursuant to action of the Denton City Council on August 21, 2012 in
approving Ordinance No. 2012-187; and
WHEREAS, the City of Denton may bear costs associated with environtnental
remediation of the referenced property; and
WHEREAS, the City Council is of the opinion that it is in the public interest for the TIF
District to reimburse the City for the costs of acquisition of the property and environmental
remediation should the property be used as an incentive project for the Downtown TIF District;
and;
WHEREAS, The City Council is further of the opinion that, should the referenced
property be sold to be used for non-governmental purposes, that the City should be reimbursed
for acquisition and remediation costs; NOW THEREFORE;
THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES:
SECTION 1. Should the referenced property be used as an incentive project for the
Downtown TIF, it is consistent with the City's interest and the purposes stated in the creation of
the Downtown TIF District, for the District to bear the acquisition and remediation costs
associated with the purchase of the property, not to exceed one million dollars ($1,000,000.00)
Therefore, should the property be used as an incentive project for the Downtown TIF District,
the City of Denton shall seelc reimbursement from the Downtown TIF District for said costs.
SECTION 2. The City Manager is directed to seek reimbursement from the Downtown
TIF District under the terms of this Resolution and shall insure any reimbursed funds are restored
to the fund from which the acquisition costs for the property were paid. Further, in the event the
property is sold to a purchaser for non-governmental use purposes, the City Manager shall insure
the fund from which the original purchase was made shall be reimbursed in the amounts above
referenced.
s:llegallour documentslresolutions\121reimbursement by tif district for county property.doc
SECTION 3. This Resolution shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the � day of ��i , 2012.
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M RK . B O MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: ,
APPRO D AS O LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY: �
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