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12/08/1988 - Bylaws - Wolf Pen Creek Oversight CommitteeORDINANCE NO. 1791 AN ORDINANCE DESIGNATING THE WOLFPEN CREEK CORRIDOR IN COLLEGE STATION, TEXAS, AS REINVESTMENT ZONE NO. 1 CITY OF COLLEGE STA- TION, TEXAS, ENUMERATING THE QUALIFYING CRITERIA, ADOPTING A PRE- LIMINARY DEVELOPMENT AND FINANCING PLAN, ESTABLISHING A BOARD OF DIRECTORS FOR SUCH ZONE, AND OTHER MATTERS RELATING THERETO; PRO- VIDING FOR A SEVERABILITY CLAUSE AND AN OPEN MEETINGS CLAUSE. WHEREAS, the City of College Station gave notice on the 18th day of October, 1988, to the taxing units, College Independent School District and Brazos County, of its intent to consider the imple- mentation of a tax increment financing district, a reinvestment zone, in the area of the Wolfpen Creek Corridor= WHEREAS, the staff of the City of College Station presented to the City Council, a formal presentation as to the requirements of the Texas Tax Increment Financing Act (Chapter 311 et. seq., TEX. TAX CODE ANN. [Vernon 1982]) on the 26th day of October, 1988; WHEREAS, the City Council expressed an interest in the possi- bility of forming a reinvestment zone and directed the staff to invite the College Station Independent School District School Board and Brazos County Commissioners Court to meet with the Council; WHEREAS, on the 9th day of November, 1988, a joint Council, School Board and Commissioners Court meeting was held. On that day, the City staff made a presentation as to the legal require- ments of the Texas Tax Increment Financing Act and the Wolfpen Creek Corridor Development and Financing Plan; WHEREAS, both the College Station Independent School District Board and the Brazos County Commissioners Court waived the sixty (60) day waiting requirement on the public hearing required by the Act, which Resolutions are attached hereto as Exhibits "A" and "B"; WHEREAS, notice of the time and place of the public hearing was published twice on the 16th day of November, 1988, and the 23rd day of November, 1988, in the Bryan /College Station Eagle, which affidavit of publication is attached hereto as Exhibit "C "; WHEREAS, the City gave notice in writing to all taxing units overlapping the territory inside the proposed reinvestment zone; n05444 WHEREAS, a public hearing was held before the City Council on the 8th day of December, 1988, at 7:00 p.m., at the regular meeting of the Council, such date being at least seven (7) days after the date of publication of the notice of such public hearing; WHEREAS, upon such public hearing being convened, there was pre- sented proof and evidence that notice of such hearing had been published and had been mailed as described above; WHEREAS, the City Council at such hearing invited any interested person or his attorney to appear and contend for or against the creation of the reinvestment zone, the boundaries of the proposed reinvestment zone, whether all or part of the territory, which is described by metes and bounds description attached hereto as Ex- hibit "D" and depicted in the diagram attached hereto as Exhibit "E ", should be included in such proposed reinvestment zone, the concept of tax increment financing, and the creation of a board of directors for the proposed reinvestment zone; WHEREAS, all owners of property located within the proposed rein- vestment zone and all other taxing units and other interested persons were given the opportunity at such public hearing to pro- test the creation of the proposed reinvestment zone or the inclu- sion of their property in such reinvestment zone; WHEREAS, the City staff presented the financing and development plan for the proposed reinvestment zone attached hereto as Exhib- its "F" and "G" and; WHEREAS, the proponents of the reinvestment zone offered evi- dence, both oral and documentary, in favor of the foregoing mat- ters relating to the creation of the reinvestment zone and _ A opponents of the reinvestment zone appeared to contest creation of the reinvestment zone; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of College Station, Texas, that: I . The facts and recitations contained in the preamble of this ordi- nance are hereby found and declared to be true and correct. II. The City, after conducting such hearing and having heard such evidence and testimony and considering the preliminary project and financing plan, has made the following findings and determi- nations based upon the evidence and testimony presented to it: - 2 - n05445 A. That the public hearing on adoption of the reinvestment zone has been properly called and held and conducted, and that notice of such hearing has been published as required by law and mailed to all taxing units overlapping the territory inside the proposed reinvestment zone. B. That the City has jurisdiction to hold and conduct this pub- lic hearing on the creation of the proposed reinvestment zone pursuant to the Act. C. That creation of the proposed zone with boundaries as de- scribed in Exhibits "D" and "E" will result in benefits to the City, its residents and property owners, and to the prop- erty, residents and property owners in the reinvestment zone. D. That the reinvestment zone as described in Exhibits "D" and "E" meets the criteria for the creation of a reinvestment zone as set forth in the Texas Tax Increment Financing Act (Chapter 311 et. seq., TEX. TAX CODE ANN. [Vernon 1982]) in that: (1) It is a contiguous geographic area located wholly within the corporate limits of the City. (2) The area is predominantly open and because of obsolete platting or deterioration of structures or site improve- ments, as well as other matters such as inability to fi- nance development through the private sector, the need for an area which will attract tourism to the City of College Station, and the need for a centralized area to locate future governmental buildings of the City of Col- lege Station, substantially impairs or arrests the sound growth of the City. (3) The area within the reinvestment zone substantially ar- rests the sound growth of the City, constitutes an eco- nomic and social liability, and is a menace to the pub- lic health, safety, morals and welfare in its present condition and use due to faulty lot layout in relation to size, adequacy, accessibility or usefulness and sani- tary or unsafe conditions, deterioration of site or oth- er improvements, and the existence of conditions that endanger life or property by fire, flood, improper drainage, erosion or other cause. (4) As required by the Act, not more than ten percent (10 %) of the property in the zone is used for residential pur- poses. _ 3 _ n05446 (5) The total appraised value of all taxable real property in the zone according to the most recent appraisal rolls of the City, together with the total appraised value of the taxable real property and all other taxing existing reinvestment zones within the City, according to the most recent appraisal rolls of the City, does not exceed fifteen percent (15 %) of the current total appraised value of the taxable real property in the City. (6) Improvements in the reinvestment zone will enhance sig- nificantly the value of all taxable real property in the reinvestment zone. (7) That a preliminary project plan and a financing plan have been developed and are attached hereto as Exhibit "F" and Exhibit "G ". Such preliminary project and fi- nancing plans would be the basis for the master plan for the final financing and development plans for the rein- vestment zone and shall assist the staff and board of directors in implementing a successful reinvestment zone. (8) That the following Council members were present and con- sidered the ordinance on December 8, 1988: III. That the City hereby creates a reinvestment zone over the area described by the metes and bounds description in Exhibit "D" at- tached hereto and depicted in the diagram attached hereto as Ex- hibit "E ", and such reinvestment zone shall be based on the pre- liminary project and financing plans. This zone shall hereafter be identified as Reinvestment Zone No. 1, City of College Sta- tion, Texas (the "Zone "). IV. The Board of Directors for the Zone member directors. The City Council tion shall appoint three (3) members shall consist of five (5) of the City of College Sta- who shall meet the eligi- - 4 - n05447 bility requirements as set forth in the Act to serve on the Board of Directors. The School District shall appoint one (1) member who shall meet the eligibility requirements set forth in the Act to serve on the Board of Directors. The Brazos County Commis- sioners Court shall appoint one (1) member who shall meet the eligibility requirements as set forth in the Act to serve as a member of the Board of Directors. The School District member, the Brazos County Commissioners Court member and one (1) member appointed by the City of College Station, shall serve an initial two (2) year term while the other two (2) appointed by the City of College Station shall serve initial one (1) year terms. All subsequent appointments will be made for two (2) staggered terms or until a successor director may be appointed thereafter. The City Council shall designate one (1) member to serve as Chairman of the Board of Directors for the year ending December 31, 1989, and each year thereafter, and authorizes the Board to elect from its members a Vice- Chairman and other officers as it sees fit. The City hereby establishes and adopts By -Laws for the Board of Directors of the Zone, a copy of which is attached hereto as Exhibit "H ", and delegates to the Board the powers and authority as provided herein. The Board of Directors shall make recommendations to the City Council concerning the administration of the Zone and shall pre- pare and cause to be prepared and adopt a Project Plan based upon the preliminary Financing and Development Plans for the Zone and must submit such plans to the City Council for its approval. The City hereby delegates to the Board of Directors all powers neces- sary to prepare and implement such Project Plan, subject to ap- proval by the City Council, including the power to direct the staff and employ consultants to assist in the preparation of the Project Plan and in the issuance of tax increment obligations. V . That operation of the Zone shall commence on January 1, 1989, and that termination of the operation of the Zone shall occur on De- cember 31, 2009, or at a time designated by subsequent ordinance or at such time subsequent to the issuance of tax increment bonds as all project costs and tax increment bonds, and the interest thereon, have been paid in full. VI. That the tax increment base for the Zone, which is the total ap- praised value of all taxable real property in the reinvestment zone, is to be determined as of January 1, 1989, the year in which the Zone was designated as a reinvestment zone. - 5 - n0544 VII. That there is hereby created and established a Tax Increment Fund for the Zone which may be divided into such sub - accounts as may be authorized by subsequent ordinances into which all tax incre- ments are to be deposited. The Tax Increment Fund and any sub - accounts are to be maintained at the depository bank of the City and shall be secured in the manner prescribed by law for Texas cities. The tax increments shall equal the amount of property taxes levied for a year on the captured appraised value, that is, the amount by which the current appraised value of all taxable real property located in the Zone exceeds its tax increment base less any other funds which are to be allocated from the tax in- crements pursuant to the Act. All revenues from the sale of any tax increment finance bonds and notes hereafter issued by the City may be deposited into such fund or sub - account 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 is- sued for the Zone. VIII. That if any section, paragraph, clause, or provision of this or- dinance shall for any reason be held to be invalid or unenforce- able, the invalidity or unenforceability of such section, para- graph, clause or provision shall not affect any of the remaining provisions of this ordinance. IX. That it is hereby found, determined and declared that a suf- ficient written notice of the date, hour, place and subject of the meeting of the City Council of the City of College Station at which this ordinance was adopted was posted at a place convenient and readily accessible at all times to the general public at the City Hall of the City of College Station for the time required by law preceding this meeting, as required by the Open Meetings law, article 5252 -17, Vernon's Texas Civil Statutes, as amended, and that this meeting has been open to the public as required by law at all times during which this ordinance and the subject matter hereon has been presented, discussed, considered and formally acted upon. The City Council of the City of College Station further ratifies, approves and confirms such written notice and the contents and posting thereof. X. That the contents of the notice of public hearing, which hearing was held before the City Council of the City of College Station Z•� n05449 on December 8, 1988, and the publication of said notice, is here- by ratified, approved and confirmed. PASSED and APPROVED on this the 8th day of December, 1988. ATTEST: Di n J e , City Secretary CITY OF COLLEGE STATION BY: - 7 - n05450