HomeMy WebLinkAboutResolution - 2002-R0405 - Resolution Proposing Public Hearing Of Reinvestment Zone - 09_26_2002Resolution No. 2002-RO405
September 26, 2002
Item No. 53
RESOLUTION
WHEREAS, the City Council of the City of Lubbock hereby declares its intent to
consider the designation of a Reinvestment Zone within the City of Lubbock, which
Reinvestment Zone is more fully described in the "Notice of Intent" attached hereto as
Exhibit A and made a part hereof for all purposes; and
WHEREAS, the City Council of the City of Lubbock is authorized to establish a
Reinvestment Zone by authority of Chapter 312 of the Tax Code; and
WHEREAS, the Tax Code requires a Notice of Intent to be sent to the governing
body of each tax unit that levies real property taxes on the property described in Exhibit
A (except school districts, which may not participate in Chapter 312 tax abatements) not
less than seven (7) days before a hearing on creation of a Reinvestment Zone; and
WHEREAS, the City Council of the City of Lubbock does hereby authorize a
public hearing to be conducted upon the establishment of said Reinvestment Zone be
conducted at 11:15 A. M. on October 10, 2002, in the City Council Chambers of the City
of Lubbock at 1625 13t' Street, Lubbock, Texas, after proper notice is given in
accordance with Chapter 312, Tax Code; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT the City Council hereby orders that a public hearing be
conducted at 11:15 A. M. on October 10, 2002, at the City Council Chambers of the City
of Lubbock at 1625 13t' Street, Lubbock, Texas, pertaining to the proposal of the City
Council to establish a Reinvestment Zone as indicated on the Notice of Intent attached
hereto as Exhibit A.
SECTION 2. THAT the Notice of Intent attached hereto as Exhibit A be delivered
by the City Manager or his designee to the governing body of all taxing units levying real
property taxes on the property described in said Exhibit A not less than seven (7) days
prior to the date of the public hearing.
SECTION 2. THAT the City Manager, or his designee, cause publication of
notice of the public hearing on this proposed designation of a Reinvestment Zone not less
than seven days prior to the date of the hearing in a newspaper of general circulation in
the City of Lubbock.
Passed by the City Council on this 26th da
ATTEST:
Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
Richard Burdine, Assistant City Manager
APPROVED AS TO FORM:
G. Vandiver, First Assistant City
Ddrse/ReinvestmentZoneRes
August 21, 2002
EXHIBIT "A"
Resolution No. 2002-RO405
NOTICE OF INTENT
TO
DESIGNATE REINVESTMENT ZONE
WHEREAS, the City Council of the City of Lubbock hereby declares its intent to
consider the designation of a Reinvestment Zone within the City of Lubbock, which
Reinvestment Zone is more fully described in the property description described herein; and
WHEREAS, the City Council of the City of Lubbock is authorized to establish a
Reinvestment Zone by authority of Chapter 312 of the Tax Code; and
WHEREAS, the Tax Code requires a Notice of Intent to be sent to the governing
body of each tax unit that levies real property taxes on the property described in Exhibit A
(except school districts, which may not participate in Chapter 312 tax abatements) not less
than seven (7) days before a hearing on creation of a Reinvestment Zone; and
WHEREAS, the City Council of the City of Lubbock has hereby authorized a public
hearing to be conducted upon the establishment of said Reinvestment Zone be conducted at
11:15 A. M. on October 10, 2002, in the City Council Chambers of the City of Lubbock at
1625 13th Street, Lubbock, Texas.
The proposed boundaries of said Reinvestment Zone are as follows:
Beginning at the northwest corner of 34th Street and Avenue A; thence north along the west
line of Avenue A to the southwest corner of the intersection at Avenue A and 30th Street,
thence west along the south line of 30th Street to the southwest corner of the intersection of
30th Street and Avenue B; thence south along the west line of Avenue B to the northwest
corner of the intersection of Avenue B and 34th Street; thence east along the north line of 34th
Street to the point of beginning. Also including Tract A, Ruffles Addition of Lubbock
County which is contiguous with the west line of Avenue B.
Notice is further given that the tentative plans for development and the estimate of the
general impact of the proposed zone on property tax revenue are as follows:
The development plan is to be implemented by the investment of approximately $6.5
million in improvements to existing facilities. The estimated annual tax revenues from real
and personal property on this development will be approximately $160,000, inclusive of all
taxing entities. A tax abatement will be proposed for a portion of the increased value.
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