2014-191FILE REFERENCE FORM 2014-191
X Additional File Exists
Additional File Contains Records Not Public, According to the Public Records Act
Other
FILE(S) Date Initials
Amended b Ordinance No. 2014-273 09/09/14 JR
Termination of TIRZ Number Three - Ordinance No. 2015-059 03/03/15 JR
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•" � ' ! � � R
AN ORDINANCE DESIGNATING AND DESCRIBING THE BOUNDARIES OF A TAX
INCREMENT REINVESTMENT ZONE THREE, CITY OF DENTON, TEXAS
1/66CONVENTION CENTER TIRZ99}y ESTABLISHING THE DURATION OF THE ZONEy
\
ESTABLISHING A TAX INCREMENT FUND; ESTABLISHING A BOARD OF
DIRECTORS FOR THE TAX INCREMENT REINVESTMENT ZONE; MAKING CERTAIN
FINDINGS AND OTHER MATTERS RELATED THERETO; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Cauncil of the City af Denton, Texas, (the "City99), desires to
promote the development of a certain contiguous area within the City of Denton by the creatian
of a Tax Increment Financing Reinvestment Zone, as authorized by the Tax Increment Financing
Act, Chapter 311 of the Texas Tax Code, Vernon's Texas Codes Annotated (the 66Act99); and
WHEREAS, the City has called a public hearing to hear the public comments on the
creation of the proposed Tax Increment Reinvestment Zone and its benefits to the City and the
property in the praposed Tax Increment Reinvestment Zone; and
WHEREAS, notice of such public hearing was published in the Denton Record-
Chronicle, a daily paper of general circulation in the City, such publication date being not later
than seven (7) days prior to the date of the public hearing; and
WHEREAS, such hearing was convened at the time and place mentioned in the published
notice, on the 17th day of June 2014, at 6:30 p.m., in Council Chambers of the City af Denton,
Texas; and
WHEREAS, the City, at such hearing, invited any interested person, or his/her
representative, to appear and speak for or against the creatian of the Tax Increment Reinvestment
Zone Three, the duratian of the Tax Increment Reinvestment Zone, the boundaries of the
proposed Tax Increment Reinvestment Zone, whether all ar part of the territory which is
described in Exhibit "A99 attached hereto and depicted on the map attached hereta as Exhibit 66B99
should be included in such praposed Tax Increment Reinvestment Zone, the concept of tax
increment financing and the appaintment of a board of directors of the proposed Tax Increment
Reinvestment Zone; and
WHEREAS, all owners of property located within the praposed Tax Increment
Reinvestment Zane and all other taxing units and other interested persans were given a
reasonable opportunity at such public hearing to protest the creation of the praposed Tax
Increment Reinvestment Zone and\or the inclusion of their property in such ; Tax Increment
Reinvestment Zone; and
WHEREAS, the proponents of the Tax Increment Reinvestment Zone offered evidence,
both oral and documentary, in favor of all of the foregoing matters relating to the creation of the
Tax Increment Reinvestment Zane, and opponents af the Tax Increment Reinvestment Zone
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were given the apportunity ta appear to contest creation of the zone, after which the hearing was
clased; and
WHEREAS, the City Council finds, as evidenced by the development history of said
area, that the area encompassing the Tax Increment Financing Reinvestment Zone would nat
develop absent the creation of the said zone and its inclusian therein; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION l. That the facts and recitations contained in the preamble af this ordinance
._ _ ---
are hereby found and declared to be true and correct.
SECTION 2. The City Council, after conducting such hearing and having heard such
evidence and testimony, has made the following findings and determinations based on the
evidence and testimony presented to it:
(a) The public hearing on adoption of the Tax Increment Financing Reinvestment
Zone has been properly called, held and canducted and that natice of such hearing
has been published as required by law.
(b) Creation of the proposed Tax Increment Reinvestment Zane with boundaries as
described in Exhibits 66 ^ 99 and 66rj99 �,ill result in benefits to the City, its residents,
r� ��
and property owners, in general, and to the property, residents and property
owners in the Tax Increment Reinvestment Zane.
(C> That the Tax Increment Reinvestment Zane, as defined in Exhibits 66A" and 66D999
meets the criteria for the creation of a Tax Increment Financing Reinvestment
Zone set farth in the Act by, including but not limited to:
(i) It is a contiguous geographic area located wholly within the corparate
I11711iS 0� iYle Clij�.
(ii) It substantially impairs or arrests the sound growth of the municipality
creating the zone or canstitutes an economic or social liability in its
present condition and use because of the presence of:
a. The area has a predaminance of defective or inadequate sidewalks
or street layout; and/or
b. Predominately open or undeveloped and, because of obsolete
platting, deteriaration of structures or site improvements, or other
factars; and/or
c. Faulty lot layout in relation ta size, adequacy, accessibility ar
usefulness.
(d) That 30 percent ar less of the property in the proposed Tax Increment Financing
Reinvestment Zone, excluding property that is publicly owned, is used for
Page 2
t"}rd'snance C7esi��atirE� TI #3
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residential purpases, which is defined in the Act as any property occupied by a
house which has less than five living units.
(e) That the total appraised value of all taxable real property in the proposed Tax
Increment Financing Reinvestment Zone according to the most recent appraisal
ralls of the City, together with the total appraised value of taxable real property in
all other existing Tax Increment Reinvestment Zanes within the City, accarding to
the most recent appraisal rolls of the City, does not exceed 25 percent of the
current tatal appraised value of taxable real property in the City and in the
industrial districts created by the City, if any.
(i� That the improvements in the Tax Increment Reinvestment Zone will significantly
enhance the value of all taxable real praperty in the Tax Increment Financing
Reinvestment Zone.
(g) The development or redevelopment of the property in the proposed Tax Increment
Financing Reinvestment Zone will not occur solely through private investment in
the reasonable foreseeable future.
SECTION 3. That the City hereby creates a Tax Increment Reinvestment Zone Three
over the area described in Exhibit 66Ay99 attached hereto and depicted in the map attached hereto
as Exhibit "B," and such Tax Increment Reinvestment Zone shall hereafter be identified as Tax
Increment Reinvestment Zone Number Three, City af Denton, Texas (the 66Zone" or
66n 6idd1 V NJldlaWddL /��d1N97).
jt
SECTION 4. There is hereby established a board of directors for the Zone that shall
consist of up to eleven (11) members. The board of directars of Tax Increment Reinvestment
Zone Number Three shall be appointed as follows:
a) Nine (9) of the up to eleven (11) board members shall be appointed by the City
Council of the City. Board membership shall consist of the nine (9) members of
the Economic Development Partnership Board ("EDP99). Each taxing unit other
than the City that contributes incremental taxes to the TIF Fund may, but is not
required to, appoint one member to the Board. After each taxing unit other than
the City designates to the City either the name of the member that the taxing unit
wishes to appoint ar the fact that the taxing unit wishes to waive its right to
appoint a member, the City Council shall appoint whatever number of inembers
are necessary to fill the remaining positions on the Board. Nine (9) of the up to
eleven (11) member board shall be appointed by the City Council as provided
here within sixty (60) days of the passage of this ordinance or within a reasonable
time thereafter. All members appointed to the board shall meet the eligibility
requirements set forth in the Act.
b) The terms of the baard members shall be two-year terms; the nine members
appointed by City Council will serve terms concurrent with their EDP terms. A
board member may serve no mare than three consecutive terms.
Page 3
C9.r..ci...rn��.�u �>usi .;��tdng I'Ii�".1. f43
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c) The board of directors shall make recommendations to the City Council
concerning the administration of the Zone. It shall prepare and adopt a praject
plan and Tax Increment Reinvestment Zone financing plan for the Zone and must
submit such plans ta the City Council for its approval. The board of directors
shall possess all powers necessary ta prepare, implement and monitor such project
plan and financing plan for the Tax Increment Reinvestment Zone as the City
Council considers advisable, including the submission af an annual report on the
status of the Zone. Any powers not herein delegated to the board of directors are
specifically reserved to the City Cauncil.
SECTION 5. That the Zone shall take effect immediately upon passage of this ordinance,
and the termination of the Zone shall occur on December 31, 2044, ar at an earlier time
designated by subsequent ordinance of the City Council in the event the City determines that the
Zone should be terminated due to insufficient private investment, accelerated private investment
or other gaod cause, or at such time as all project costs and tax increment bands, if any, and the
interest thereon, have been paid in full.
SEC�I";1ON 6. The Tax Increment Base for the Zone, as defined by Section 311.012(c),
Texas Tax Code, shall be the total appraised value of all real property in the Zone taxable by a
taxing unit for the year 2014, which is the year in which the Zone was designated as a
reinvestment zone.
SECTION 7. That there is hereby created and established a Tax Increment Fund for the
Zone which may be divided into such subaccounts as may be autharized by subsequent
resalution ar ordinance, inta which all Tax Increments, less any of the amounts not required to be
paid inta the Tax Increment Fund pursuant ta the Act, are to be deposited. The Tax Increment
Fund and any subaccounts are to be maintained in an account at the City Treasurer's affiliated
depository bank of the City and shall be secured in the manner prescribed by law for funds of
Texas cities. In addition, all revenues from the sale of any tax increment bonds and notes
hereafter issued by the City, revenues from the sale of any property acquired as part of the tax
increment financing plan and other revenues to be dedicated to and used in the Zone shall be
deposited into such fund or subaccount from which money will be disbursed to pay project costs
for the Zone or to satisfy the claims of holders of tax increment bonds or notes issued for the
Zone.
SECTION 8. The Tax Increment Fund shall consist af (i) the percentage of the tax
increment, as defined by Sectian 311.012(a), Texas Tax Code, that each taxing unit which levies
real property taxes in the Zone, other than the City, may elect to dedicate to the Tax Increment
Fund under an agreement with the City authorized by Section 311.013(fl, Texas Tax Code, plus
(ii) one hundred percent (100%) of the City's portion of the tax increment, as defined by section
311.012(a), Texas Tax Code, subject to any binding agreement executed at any time by the City
that pledges a portion af such tax increment or an amaunt of other legally available funds whose
calculatian is based an receipt of any portion af such tax increment.
Page 4
Cir�ira�ncc Cics,i..°raatin _"i`[ktL €63..
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SECTION 9. 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.
SECTION 10. This Ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the �,��� ��__ day of ;�t ��� �'�`.��q�'' _ , 2014.
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CHRIS WATTS, MAY(. i�
ATTEST:
JENNIFER WALTERS, C�.I'�'Y SECRETARY
:
�1I'F'R�,�I=.I� �`���) LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
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BY: � � � ��a�
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,,__
Ordinance Desi n� ating T1RZ #3
City oF Denton. Texas
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feet to a 5/8 inch iron rod with eap stainped "TNP" found for corner at the beginning of a revez�se
curve to the left;
THENCE in a Southwesterly direction, along the Northwesterly line af said road. and along said
reverse curve to the left having a central angle of 17°16'S5", a radius of 408.58 feet, a chard
bearing af South 53°59'OS" West, a chord distance of 122.77 feet and an arc length of 123.24
feet to a 5/8 inch iron r�d with cap stamped "1NP" found for carnei;
THENCE South 58°27'31" West departing the Northwesterly line af said road, far a distance of
100.62 feet to a 5/8 inch i�°on rod with cap stamped 66TNP" set for corner;
THENCE Sauth 79°24'S7" West for a distance of 121.03 feet to a 5/$ inch iron rod with cap
sta.mped "TNP" set for corner;
THENCE North 63°45' 10" West for a distance of 190.49 feet to a 5/8 inch iron rod with cap
stamped "TNP" set for corner;
THENCE North 33°45' 10" West for a distance of 577.58 feet to a 5/8 inch iron rod with cap
stamped "TNP" set for corner;
THENCE Noi�th 09°25'41" West for a distance af 244.92 feet to a 5/8 inch iron rod with cap
stamped "TNP" found for corner;
THENCE Nortl� 28°27'40" East for a distance of 129.59 feet to an 66X" cut in cancrcte set for
corner in the Southerly line of the above cited 0.5980 acre tract;
THENCE South 61°52'24" East along the Southerly line of said 0.5980 acre tract ior a distance
of 102.20 feet to a PK nail Found for corner at the Southeast corner of said 0.5980 tract;
THENCE North 28°07'36" East along the Easterly line of said 0.5980 acre ti°act, for a distance of
44.83 feet to the POINT OF BEGINNING, and containing 13.279 acres of land, more or less.
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a