2014-039ORDINANCE NO. 2014 -039
AN ORDINANCE AMENDING ORDINANCE NO. 2012 -366 BY ESTABLISHING TERM
LIMITS FOR THE BOARD OF DIRECTORS FOR TAX INCREMENT REINVESTMENT
ZONE NUMBER TWO CONCURRENT WITH THE 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 No. 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 establish term limits concurrent with the Economic
Development Partnership Board; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. Subsection a. and b. of Section 4 of Ordinance No. 2012 -366 is amended as
follows:
a) The Board of Directors shall consist of eleven (11) members, nine (9) of
whom shall be 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 "); and
2. One member shall be appointed by the governing body of Denton
County; and
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 No. 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.
sAlegal \our documents \ordinances \14 \tirz ord.doc
SECTION 4. This Ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the day �. of
.. ..............,, 2014.
N4A11 MIR OIJG11 ", MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY
P1 II�ZQ ED A,110 �w LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
Page 2
Ordinance Designating T1RZ
City of Denton. Texas