HomeMy WebLinkAbout2014-274L-VegaRour documents\ordinances\14\revised tirz 2 ordinance.doc
DIRECTORSAN ORDINANCE AMENDING ORDINANCE No. 2012-366 (AS HERETOFORE
AMENDED BY ORDINANCE No. 2014-039), BY APPOINTING THE BOARD OF
•; .TAX INCREMENT FINANCING REINVESTMENT ZONENUMBER
TWO TO BE CONCURRENT WITH THE APPOINTMENT AND TERMS OF THE
ECONOMIC DEVELOPMENT PARTNERSHIP BOARD; REPEALLING ALL
CONFLICTING ORDINANCES AND PORTIONS THEREOF; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on December 18, 2012, the City Council of the City of Denton, Texas, (the
"City"), adopted Ordinance 2012-366, which designated and described the boundaries of a TIRZ
Number Two; established the duration of the Zone; established a Tax Increment Fund and
established a Board of Directors for the Tax Increment Reinvestment Zone; and
WHEREAS, it is deemed proper to appoint board members concurrently with the
Economic Development Partnership Board appointments; NOW, THEREFORE,
SECTION 1. Section 4, Subsection A and B of Ordinance 2012-366 is amended as
follows:
A.4. The Board of Directors shall consist of eleven (11) members, nine (9) of
whom are hereby appointed by the City Council of the City. All members
appointed to the board shall meet the eligibility requirements set forth in
the Act. Board membership shall consist of the following:
1. The nine members of the Economic Development Partnership
Board ("EDP"),
2, One member shall be appointed by the governing body of Denton
County,
3. One member shall be appointed by the "Developer," Rayzor
Investments, LLP.
B. The terms of the board members shall be two-year terms; the nine (9)
members appointed by City Council will serve terms concurrent with their EDP
terms. A board member may serve no more than three consecutive terms.
SECTION 2. All of the other provisions of Ordinance 2012-366 remain in full force and
effect.
SECTION 3. If any section, paragraph, clause or provision of this Ordinance shall for
any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such
section, paragraph, clause or provision shall not affect any of the remaining provisions of this
Ordinance.
sAlegaRour documents\ordinances\14\revised tirz 2 ordinance.doc
SECTION 4. This Ordinance is effective February 4, 2014.
PASSED AND APPROVED this the day of 2014,
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
APPI' VED AS 0 LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
(.j �,,
CHRIS WAI-I'S, MAYOR
Page 2
Ordinance Designating TIRZ
City ofDenton, Texas