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19-388SALegal\our Documents\Ordinances\I9\Downtown Reinv grant Frograrn.doe AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS REGARDING THE EXPENDITURE OF THE FUND BALANCE OFT E DOWNTOWN REINVESTMENT FUND ACCOUNT RELATED TO THE DOWNTOWN EINVETENT GRANT PROGRAM; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on February 14, 2007, the Downtown Task Force unanimously recommended creating an incentive program to promote desired development/redevelopment i the downtown area of the City of Denton; and WHEREAS, on April 3, 2007, the City Council of the City of Denton adopted the Downtown Reinvestment Grant Program; and WHEREAS, Ordinance No. 2010-316 designated Tax Increment Financing Reinvestment Zone Number One ("Downtown TIF"), as provided by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code (the "Act"), to provide funding necessary to encourage development in downtown Denton; and WHEREAS, on December 7, 2010, the City Council authorized the Project and Finance Plans for the Downtown TIF which authorizes the creation and expenditure of the Downtown TIF fund for purposes authorized by the Act; and WHEREAS, on January 10, 2012, the City Council adopted Ordinance No. 2012-001 approving changes to the Downtown Reinvestment Grant Program; and WHEREAS, on September 17, 2013, the City Council adopted Ordinance No. 2013-237, establishing the Downtown Reinvestment Fund, a Special Revenue Fund and committed $100,000 annually of the mixed beverage taxes for downtown reinvestment activities; and WHEREAS, on September 12, 2017, the City Council adopted Ordinance No. 2017-251, removing future commitments of revenues to the Downtown Reinvestment Fund, but committing the existing the Downtown Reinvestment Fund balance for the Downtown Reinvestment Grant Program; and WHEREAS, the remaining fund balance in the Downtown Reinvestment Fund as of September 30, 2018, is $10,513.00 ("Remaining Funds") and is allocated to the Downtown Reinvestment Grant Program; and WHEREAS, on September 18, 2018, the City Council adopted Ordinance No. 1-1321 approving changes to the Downtown Reinvestment Grant Program to allow funding through monies collected by the Downtown TIF and to change the grant review process so that expenditures of such Downtown TIF funds are reviewed by the Downtown TIFBoard; and WHEREAS, the City Council desires to expend the Remaining Funds on the Downtown Reinvestment Grant Program prior to the expenditure of Downtown TIF funds, to establish a S:\Legal\Our Documents\Ordinances\19\Downtown Reinv Grant Program.doc process for the expenditure of the Remaining Funds, and to close and dissolve the Downtown Reinvestment Fund once the Remaining Funds are spent; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS: SECTION 1_. The City Council hereby adopts and incorporates the above referenced findings in this ordinance. SECTION 2. The Remaining Funds in the amount of $108,513.00 shall be distributed to the Downtown Reinvestment Grant Program prior to the expenditure of Downtown TIF funds. The expenditure of the Remaining Funds shall be in accordance with the Downtown Reinvestment Grant Program Policy adopted by Ordinance No. 18-1321, except that grants of the Remaining Funds are subject to approval by the City Council upon recommendation of the Downtown Task Force and the Economic Development Partnership Board. SECTION 3. After the Remaining Funds are spent, the Downtown Reinvestment Fund shall be closed and dissolved as an official fund of the City of Denton, Texas, and the City Manager or his designee is authorized to take any action necessary to close and dissolve the Downtown Reinvestment Fund. After the Downtown Reinvestment Fund is closed and dissolved, Ordinance No. 2013-237 and Ordinance No. 2017-251 are repealed in their entirety. SECTION 4. This Ordinance shall become effective immediately upon its passage and approval. The motion to approve this ordinance was made by and seconded by ' "._ '� ��A' ..` ,. the ordinance was p,; sed ����� ���ro��ed by the 1,61lowial , vote I Aye Nay Abstain Absent Chris Watts, Mayor: Gerard Hudspeth, District 1: Keely G. Briggs, District 2: V Don Duff, District 3: John Ryan, District 4: Deb Armintor, At Large Place 5: Paul Meltzer, At Large Place 6: PASSED AND APPROVED this the day of y'„ m, 2019. M,� _ .. — ........� CHRIS WATTS, MAYOR S:\Legal\Our Documents\Ordinances\19\Downtown Reinv Grant Program.doc ATTEST: RACHEL WOOD, INTERIM CITY SECRETARY . .. ... . .... )" APPROVED AS TO LEGAL FORM: AARON LEAL, CITY ATTORNEY BY..