2015-059s:Uegal\our documents\ordinances\15\denton - tirz 3 termination v l.doc
ORDINANCE NO. 2015-059
AN ORDINANCE TERMINATING TAX 1NCREMENT REINVESTMENT ZONE
NUMBER THREE, CITY OF DENTON, TEXAS (CONVENTION CENTER TIRZ);
AUTHORIZING THE DISTRIBUTION OF TAX 1NCREMENT FUNDS OF THE
ZONE TO TAXING UNITS PARTICIPATING 1N THE ZONE IN ACCORDANCE
WITH THE TEXAS TAX CODE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on June 17, 2014 the City Council of the City of Denton, Texas (the
"City Council") adopted Ordinance No. 2014-191 designating Tax Increment
Reinvestment Zone Number Three, City of Denton, Texas, generally referred to as the
Convention Center TIRZ (the "Zone") pursuant to Chapter 311, Tax Increment Financing
Act, Texas Tax Code, (the "Act"); and
WHEREAS, the Zone was created to help finance the construction of a
Convention Center Facility within the boundaries of the Zone as described in Exhibit "A"
attached hereto; and
WHEREAS, Ordinance No. 2014-191 provides that the Zone will expire on the
earlier of December 31, 2044 or 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 good cause, or
at such time as all project costs and tax increment bonds, if any, and the interest thereon,
have been paid in full; and
WHEREAS, since the Zone was created, there has been insufficient private
investment; and '
WHEREAS, accordingly the City Council finds that the need for the Zone, as
stated in Ordinance No. 2014-191, no longer exists; and
WHEREAS, in accordance with Section 311.017(a)(1) of the Texas Tax Code, the
City Council wishes to terminate the Zone; NOW THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION ww_l . After reviewing all information before it regarding the Zone, the
City Council hereby makes the following findings of fact:
1.1. The statements and facts set forth in the recitals of this Ordinance are true and
correct.
1.2. In accordance with Section 311.017(a)(1) of the Texas Tax Code and Section 5 of
Ordinance No. 2014-191, the City Council has authority to terminate the Zone on
an earlier date than the stated termination date. The procedural requirements of
Section 311.007(c) of the Texas Tax Code apply only to instances in which there
is a desire to extend the termination date of a tax increment reinvestment zone.
Page 1 of 2
Ordinance Terminating TIRZ #3
City of Denton, Texas
s:Vegal\our documents\ordinances\15\denton - tirz 3 termination v l.doc
SECTIONr 2. The City Council hereby terminates Tax Increment Reinvestment
Zone Number Three, City of Denton, Texas.
SECTION 3. The City Council hereby directs the City Manager or his authorized
designee promptly to distribute all monies in the Tax Increment Fund of the Zone to the
taxing units participating in the Zone, including the City, in proportion to the respective
amounts of deposits made by such taxing units during the term of the Zone.
SECTION 4. That this Ordinance shall become effective immediately upon its
passage and approval.
PASSED AND APPROVED this the � day of �� ,� ,,,,,
��._�_�� � � � '� .. ���
2015,
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�... ..........................�
CHRI� WATTS, MAYOR
ATTEST:
JENN�FER WALTERS, CITY SECRETARY
� „�.
BY: �, �`'�:.. � ��:p'� .w �� ��" _
�. ,
APP�� T{,�� �� I�� LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY: �� ��'"� „� ,��
T , � � u�,��,.�"�: �,„� ......�__�...� �
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Page 2 of 2
Ordinance Terminating TIRZ #3
City of Denton, Texas
EXHIBIT A — BOUNDARY DESCRIPTION
QEINU a 13.279 acrr; tract of land situated in the Eu�ene Puchalski Survey, ,�lbstrlct No. 996,
Cily af [7enton, Deutan County, 'Ccxas, and bcin�; part ot�those ri-acts of land described in Decds
to the State of'Cexas for the use and bene.fit ofNorth'fcxas State'I'eachers Cc�llege, as recorded
in Volume 291, Page 82 and Volume 294, Page 121 of the Dced Rea�rds of Uenion Counly,
Texas, and also bein� part of Lot 1, Block 1 per the Final Plat of Sheraton North Texas Addition,
aii Addition to the City of Denton, "I'exas, as recorded in Cabinet C. I'a�c 400 ot�thc Plat fZecords
oi`Denton County, Texas, and said tract being more }�articularly describcd as follows:
COMMENCING at a�I�XDOT concrete monun7ent with 3 inch ��luminuin disk found in the
existing Southerly line of Interstate Hi�hway No. 35E (a variable width i'I�IlI-OI-Wt:ly), saicl point
bein�; the Northcast corncr of a callcd 0.5980 acre tract of land described in an unrecorded [:)eed
from the iJniversity of Noi�th '1'exas to the State of `f.�exas, executed on October 9, 2013, from
which a TXOU`C concrete �nonume:nt with 3 inch aluminum disk found Ior ref'erence bears Sauth
61°39'33" East a distanc� of 30.01 feet and a 1/2 inch iron rod fi�und for the Nortllwest corner of
the above cited Lot 1, I3lock 1 bears North 61°39'33" West a distance ol'71.32 t�et;
THENCI; South 28°07'36" West depai�ting the e�isting Southerly line ot�s�iid Interstatc I lighway
No. 35E, ancl �ilong the E�isterly line of�sai�l O.j980 acre iract, for a distauce oI�46.82 Peet to a PK
nail faund f`or corner in the proposed Southerly right-of-way line af said Interst�te Highw�y No.
35E, said point bein� the POINT OF BEGINNINU, for the herein described tract;
"I'H�;NCF., in a Southeasterly direction, along the proposed Southerly line of said lnterstate
I Iighway No. 35E, �nd along a non-l�ingent curve to the lefc llaving a central an�le of' 0}°20' 18",
a radius of 12158.17 feet, a chord be��ring af South 64°44'25" rast, a chord distance oI� 708.3U
feet and an arc length ol' 708.40 feet to a PK nail fauiid for cor�ler at an an�le poinl;
7'I�I:;NCE South 57°27'S6" l:;ast continuing �long thc proposccl Southerly Ill7l Ot S�iICI IIliE',l,5tatc
�Iighway No. 35E, for a distance of 101.62 f'eet to a PK nail fi<�und for corner at an an�,lc point;
THENt;r; South 66°32'28'" �asY continuing ttlon� the praposed Southerly line oi�saicl lnterstale
Highway No. 35E, Por a distance oP279.9C feet la a PK nail found f'or cor��er at an angle point;
'T'I I:ENCE South 20°55'26" West departin� the proposecl Southerly liiie of said Intei•state
[-lighway No. 35E, for a distance ol' 163.35 feet ta a 5/$ inch iron rod with cap stamped "TNP"
found ior corner in lhe Nc�rchwesterly line of�a conerete road;
'I�E�I:?NCE in a Soutliwesterly direction, along thc North�vesterly linc of said road. and �long a
non-tangent curve to the leit having a central angle of 29°32'07", a radius of� 3;3.94 feet, a c}���i��{
bearing ol�South 65°11' 19" West, �t chord distance of 170.24 feet and an arc lenbth of' 172.14
leet to a.5/8 inch iron roc� with cap scamped "TNP" f'ound f��r coi�ier at lhe be�*inning of a reverse
ctu�ve to the riglit;
T1-CENCE in a Southwesterly direction, along the Northwesterly line of said roacl, and along said
reverse curve to the ri�ht having a central anglc oi' 15°07'Ol ", a rndius �f 491.13 teet. a chord
bearin�; oF South 56°09'37" West, a chord dislance of 129.2U feet, and an arc length ol� 129.58
fcet to a j/8 inch Iron rc�d with cap st��mped `°'I'NP" found fbi• corner at the beginning c�f a e•evei°se
curve to the left;
'1'HENC� in a Southwesterly di�°ection, c1IO11�T 1I1� NOI°1I1W8SlCi�V Ilile Of Sa1CI t°O:IC{. d11C� c1I011� 5a1CJ
reverse curve to the left having a ccntral angle of 17°16'SS", a radius o:P408,S8 fcet, 1 chard
bearing afi Sauth 53°S�)'OS" West, a ehord distanec of 122.77 fcet and an arc len�th c�i' 123.24
f`eet to a 5/8 inch iron rad with cap st£i111�)CC{ "�f,Nl'" fOUlld fOl' COl'11e1';
TH�NC� South 5$°27'31" West departing tl�e Narthwesterly line af said roacl, 1�7r a distance of
100.62 f'eet to a �/8 inch iron rod with cap stamped "TNP" set 1`ar corner:
'I'���;NCF; South 79°24'S7" West f��r a distance of 121.03 feet to a 518 inch iron rc>d with cap
stamped ""T'Ni'„ sel fc�r carner;
THENC� North 63°45' l0" West for a dist�ince of 140.49 1.'eet to � 5/8 inch iron rod �vith cap
stamped "TNP" set lor corner;
TI-lL;NCk; North 33°�5' l 0" West f��r a distance of 577.58 fe;et to a 5/6 inch iron rod with cap
stamped ""1�NP" set for corncr;
TH�NC� North �9°2S'41" West for a di5tance oP244,92 feet lo a 5/8 inch irou rod wilh cap
slamped "TNP" founcl lor corner;
"l'11f:'NCI:i Narth 28°27`�0" l:;ast t��r a distance of 129.59 f'eet to a 5/K inch ir°on rocl with cap
stamped "'I'NI''' f��und for corner in the Southcrly line of the above cited 0.59$0 acre tract;
THENCE Sauth 61°.5�'24'' �asl along the Sautherly line of'said 0.5980 acre tracL passin� a 1/2"
iron rod with cap stamped 66"I°NP" f'ound Por referencc at a distancc of 30.19 fect. �i11Ci CC711Lll1llll]�
along said Southerly line, for a distance oC 102.20 feet to a PK nail t«und fi�r corner at thc
Southeast co�yler af said 0.59R0 tract;
TH�NCE North 28°07'3G" Last a�ong the Lasterly line ol` said 0.59$0 acre tract, for a distance ot
44.83 feel to the POIN'I' (�F �3E;GWNING, and cantaining 13.279 acres of land, more or less.
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