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HomeMy WebLinkAboutR2004-010S:\Our Doeuments~%solufionsX~4~Fastenal Reinvestment Zone.doc RESOLUTION NO. /~ff4 ~ gT/ff A RESOLUTION OF THE CITY OF DENTON, TEXAS CALLING A PUBLIC HEARING TO CONSIDER ESTABLISHING A REINVESTMENT ZONE VII FOR FASTENAL COMPANY; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City has adopted by resolution a Tax Abatement Policy and criteria governing tax abatement agreements in accordance with Tex. Tax Code ch. 312; and, WHEREAS, the City has received a tax abatement request from Fastenal Company; and WHEREAS, the City finds that it is in the public interest to call a public hearing to consider the creation of a reinvestment zone for tax abatement purposes for the purpose of offering a tax abatement to Fastenal Company, in accordance with Tex. Tax Code §312.201; NOW, 'rHEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES: SECTION 1. The findings and recitations contained in the preamble of this ordinance are incorporated herein by reference. SECTION 2. The City Council hereby calls a public heating and the City Manager is hereby authorized to give notice of a public heating for the establishment of a reinvestment zone Reinvestment Zone VII), comprised of the property located on approximately 43.653 acres at or near the intersection of Airport Road and Corbin Road, within the corporate limits of the City of Denton as more fully described in Exhibit "A" and as shown on the diagram as the area outlined in red in Exhibit "B," which exhibits are attached hereto and made a part hereof by reference (the Property") for the purpose of entering into a tax abatement agreement with Fastenal Company for a project to be developed within the Property and this Reinvestment Zone and other eligible projects under the City's Tax Abatement Policy. At the heating, the City Council will determine whether the improvements sought are feasible and practical and would be a benefit to the land to be included in the Reinvestment Zone and to the City after expiration of any tax abatement agreement entered into under Tex. Tax Code ch. 312. Notice of the public heating will be substantially in the form of the notice contained in Exhibit "A". The public heating will take place on the 2nd day of March, 2004, at 6:30 p.m. in the City Council Chambers at City Hall at 215 E. McKiimey, Denton, Texas 76201, but not until at least seven days after notice of this public hearing has been published in the Denton Record-Chronicle, a newspaper having general circulation within the City, and specific notices are delivered in writing to the presiding officer of the Board of Trustees of the Denton Independent School District, the Commissioners Court of Denton County, and to other taxing units, if any, that include in their boundaries the real property described in the attached Exhibit "A" in accordance with Tex. Tax Code §312.201. SECTION 3. This resolution shall become effective immediately upon its passage and approval at a regular meeting of the City Council of the City of Denton, Texas on this the 17th day of February, 2004, at which meeting a quorum was present and the meeting was held in accordance with the provisions ofTex. Gov't Code §551.001, et. seq. PASSED AND APPROVED this the //r/¢~ dayof ~~ ,2004. EULINE BROCK, MAYOR ATTEST: JENNIFER WALTERS, CITY SECRETARY HERBERT L. PROUTY, CITY ATTORNEY BY: Page 2 of 2 Exhibit A Tract A Property Deschption Being a tract of land situated in the WILLIAM NEILL, SURVEY ABSTRACT No. 970, Denton County, Texas and being;a.p0rtion'of that certain traCt of land described in deed to John Dee Appleby, Trustee, as reCOrded in Volume 2549~ Page 277 of the Real Property Records of Denton County, T~:xas, being more particularlydescribed by metes and bounds as follows: BEGINNhNG at a 3/8 inch iron rod f0tmd at the Southeast comer of said Appleby Tract, being the Northeast comer ofthe'J. W. HARDING SURVEY. ABSTRACT No. 1658, and the Northerly most Southeast comer of said WII,LIAM NEILL SURVEY, lying in the approximate centerline Of C0rbin Road; THENCE N 89 degrees 16 minntes 51 seconds W, along the South boundary line of said Appleby Tract at 25.94 feet passing a 8 inch creosote POst, and continuing generally with a barbed wire fence in all a total distance o~f 1462.22 feet to a ~ inch iron rod set; THENCE N 00 degrees 24 minutes I 1 seconds W, 750.57 feet departing said boundary line to a 6" wood post found at the Southwest comer of a tract of land described in deed to J. Newton Rayzor, as recorded in ~olume..1796,:Page 60t' of the Real Property Records of Denton County, Texas lying in North boundary line of said Appleby Tract; TItENCE S 89 degrees 17 minutes 48 seconds E, along the common boundary line between said Appleby lYact and said Rayzor Tract:at 1~426.49 feet passing a 5/8 inch capped iron rod found, and cominuing in'alt a total distance~of 1456.55 lbet to a V: inch iron rod found at the Northeast come? of said. Appleby T~:act being the Southeast corner of said Rayzor Tract, attd lying in the approximate centerline of aforesaid Corbin Road; THENCE S 00 degrees 01 minutes 56 seconds E.; 751.02.feet along the East boundary line of said Appleby Tract with the approximate centerline of said Corbin Road to the PLACE OF BEGINNING, containing 25.)53 acres:(1,095,649 square tket) of land, more or less. and Tract B Property Description Being a part of the William Neill Survey, Abstract No. 971) and a part of said 20 acre tract and more particularly described as tbllows: BEGINNING at a point in the south line of the Fame.to Market Itighway No. 1515, said point being 1886 feet South 89 degrees 20,minutes East and 90 feet South of the Southwest Corner or' FIRST TRACT above described, and being 45 feet South of the Northwest comer of said 20 acre tract; THENCE EaSt along the South:line of said Highway, 1457.2 feet to point in the East line of said Neill Survey, 45 feet South of the NortheaSt comer of said 20 acre tract; THENCE South along the East line ofSaid tract and sun,ey 552.83 feet to the Southeast comer of said 20 acre tract: THENCE West 1457.2 feet to the Southwest corner of said 20 acre tract; THENCE North 552~83 feet to the place of begimfing~ and containing 18.5 acres of land. more or less. Being the same property as set.out in Warranty Deed dated November 4, 1955. executed by Jimmie Underwood, a t~me sole, et.al.to J. Newton Rayzor. recorded in Volume 417, Page 399, Deed Records,-Denton Cotmty, Texas. Total of both tracts containing 43.653 acres, more or less.