HomeMy WebLinkAboutResolution - 2009-R0429 - Amendment To Agreement - Lubbock County HD - Extend Termination Date For TIF RZ - 10_08_2009Resolution No. 2009—RO429
October 8, 2009
Item No. 5.29
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock an Amendment extending
the termination date of the Agreement between the City of Lubbock and Lubbock County
Hospital District to Participate in the Lubbock Central Business District Tax Increment
Finance Reinvestment Zone. Said Amendment is attached hereto and incorporated in this
Resolution as if fully set forth herein and shall be included in the minutes of the Council.
Passed by the City Council this 8th day of October , 2009.
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TOM MARTIN, MAYOR
ATTEST:
APPROV D Aa CONTENT:
Ro piion, A ' ity Manager
For Development Services
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
City Alt / Linda: Res-CBD TIF Amend Imcdocal with Hosp Dist
September 2, 2009
Resolution No. 2009—RO429
AMENDMENT TO
CITY OF LUBBOCK AND LUBBOCK COUNTY HOSPITAL DISTRICT
AGREEMENT TO PARTICIPATE IN THE LUBBOCK CENTRAL BUSINESS
DISTRICT TAX INCREMENT FINANCE REINVESTMENT ZONE
This AGREEMENT is made and entered into by and between the City of Lubbock, (the
"CITY"), a municipal corporation, and Lubbock County Hospital District. (the "HOSPITAL
DISTRICT"), a political subdivision of the State of Texas, pursuant to the authority granted by
and in compliance with the provisions of the Tax Increment Financing Act, V.T.C.A., Tax Code,
Chapter 311, and in furtherance of the purposes of these parties as provided by law.
WITNESSETH:
WHEREAS, pursuant to Ordinance No. 2001-0091, adopted on December 3, 2001, the
City of Lubbock created, established and designated the Lubbock Central Business District
Reinvestment Zone ("CBD Reinvestment Zone") taking effect January 1, 2001 and terminating
December 31, 2020; and
WHEREAS, the CITY and the HOSPITAL DISTRICT entered into an interlocal
agreement November 14, 2002 entitled Agreement to Participate in the Lubbock Central
Business District Tax Increment Finance Reinvestment Zone (the "AGREEMENT") authorized
by City of Lubbock Resolution No. 2002-RO482 and by Resolution of the Hospital District dated
November 19, 2001; and
WHEREAS, the Legislature of the State of Texas enacted S.B. No. 1105, effective May
23, 2009, amending Section 311.017 of the Texas Tax Code to allow a municipality to designate
by ordinance a new termination date for a reinvestment zone that is not later than the 20`h
anniversary of the original termination date; and
WHEREAS, the City of Lubbock, by Ordinance No. 2009-0CM, has designated
December 31, 2040 as a new termination date for the Lubbock Central Business District Tax
Increment Finance Reinvestment Zone; and
WHEREAS, the CITY and the HOSPITAL DISTRICT desire to amend the term of the
AGREEMENT to correspond with the new termination date for the Lubbock Central Business
District Tax Increment Finance Reinvestment Zone;
NOW, THEREFORE, the CITY and the HOSPITAL DISTRICT, agree to the
following amendment:
1. Section 5 entitled "Term" is amended to read as follows:
Amendment to City and Hospital District Interlocal CBD TIF Agreement
Page I
"Section 5. Term. The term of this Agreement shall be from the
date the Reinvestment Zone was created until December 31, 2040 or until
such time as the Total Tax Increment has been paid into the Tax Increment
Fund by the HOSPITAL DISTRICT, whichever event shall be the first
to occur."
EXECUTED this day the 8th day of October , 2009, by the Mayor of the
CITY, duly authorized by Resolution No. 2009—RO429 approved on October 8th ,
2009, and by Resolution of the HOSPITAL DISTRICT, duly authorized and approved on
2009.
CITY OF LUBBOCK:
TOM MARTIN, MAYOR
APPROVE AS TO CONTENT:
Rob Allison ssistant ity Manager
Business Development
APPROVED AS TO FORM:
LUBBOCK COUNTY HOSPITAL DISTRICT:
APPROVED AS TO CONTENT:
APPROVED AS TO FORM:
Linda Chamales, Lois Wischkaemper
Economic Development Attorney Attorney for Hospital District
LLC:lc L:\Cityatt\ Linda —TIF CBD Hasp Dist Interlocal-amendmcnt
September 2. 2009
Amendment to City and Hospital District Interlocal CBD TIF Agreement
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