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..