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HomeMy WebLinkAbout2001-026S \Our Documenffi\Ordmances\OAYortum Way Financing Ordinance doe ORDINANCE NO OW I-- ©-� 0 AN ORDINANCE APPROVING AND AUTHORIZING THE EXPENDITURE OF FUNDS UNDER THE CITY OF DENTON'S INFRASTRUCTURE FINANCING POLICY FOR WATER AND WASTEWATER FACILITIES TO YORLUM CONSTRUCTION MANAGEMENT LTD, SUCH FACILITIES TO BE EXTENDED TO A DEVELOPMENT LOCATED AT THE INTERSECTION OF HIGHWAY 380 AND MASCH ROAD, AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT ON BEHALF OF THE CITY, AND PROVIDING AN EFFECTIVE DATE WHEREAS, pursuant to Resolution No R91-008 the City of Denton has established an Infrastructure Financing Policy to provide for water and wastewater facility cost participation by the City (the "Program"), and WHEREAS, the City Council has provided for funding of the Program in its 2000/2001 Annual Budget along with carryover funds from prior years, and WHEREAS, Yorlum Construction Management Ltd (the `Developer") has submitted a request for City participation under the Program for costs associated with the construction of water and wastewater lines (the "Public Utility Facilities") which will serve the City and its development located at the intersection of Highway 380 and Masch Branch Road, commonly known as 1314 Masch Branch Road (the "Development"), and WHEREAS, the City Council of the City of Denton, Texas finds that the Developer's request for City participation is in the public interest and meets the requirements of the Program, NOW, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION 1 The City Manager is hereby authorized to execute an agreement between the City and Developer to provide for City participation in the costs of the Public Utility Facilities in an amount not to exceed $219,000 00 SECTION 2 The City Manager is authorized to make the expenditures as set forth in this ordinance SECTION 3 This ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this theoZKii day of 2001 EULINE BROCK, MAYOR ATTEST JENNIFER WALTERS, CITY SECRETARY BY APPROVED AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY m Page 2 sw..uaemanromm.ocar�anvonum uanv n. i.,omm.a<. as