HomeMy WebLinkAboutOrdinance - 2009-O0087 - Amending Ordinance 2001-0091;District Tax Increment;Dec 31,2040 - 09/10/2009First Reading
September 10, 2009
Item No. 6.5
ORDINANCE NO.
Second Reading
September 24, 2009
Item No. 5.11
AN ORDINANCE AMENDING THE ORDINANCE ESTABLISHING THE
CENTRAL BUSINESS DISTRICT TAX INCREMENT FINANCING
REINVESTMENT ZONE BY EXTENDING THE DURATION OF THE ZONE.
WHEREAS, the City Council of the City of Lubbock, desiring to promote the
development of the Central Business District of the City of Lubbock, adopted
Ordinance No. 2001-00091, December 3, 2001, establishing the Central Business
District Tax Increment Finance Reinvestment Zone, defining its boundaries, and
establishing a termination date of December 31, 2020, in accordance with the
provisions of the Tax Increment Financing Act, V.T.C.A. Tax Code, Chapter 311 (the
WHEREAS, the Legislature of the State of Texas enacted S.B. No
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 twentieth anniversary of the original termination date; and
WHEREAS, the City Council desires to amend Section 5 of Ordinance No.
2001-00091 to extend the termination date of the Zone to December 31, 2040, the
twentieth anniversary of the original termination date; and
WHEREAS, the City has called a public hearing to hear public comments on
the extension of the termination date of the Zone; and
WHEREAS, notice of such public hearing was published in the Lubbock
Avalanche -Journal a daily paper of general circulation in the City, such publication
date being not later than seven (7) days prior to the date of the public hearing; and
CBD TIF Amendment Extending Termination
WHEREAS, such hearing was convened at the time and place mentioned in
the published notice, on the 10th day of September, 2009, at 10 o'clock am, in the
Council Chamber of the City of Lubbock, Texas, and
WHEREAS, the City, at such hearing, invited any interested person, or his/her
representative, to appear and speak for or against the extension of the termination date
of the Zone; and NOW THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: THAT the facts and recitations contained in the preamble of
this ordinance are hereby found and declared to be true and correct.
SECTION 2: THAT the City Council of the City of Lubbock, after
conducting such hearing and having hear such evidence and testimony, has made the
following findings based on the evidence and testimony present to it:
a. That the public hearing on extension of the termination date of the Central
Business District Tax Increment Financing Reinvestment Zone has been properly
called, held and conducted and that notice of such hearing has been published as
required by law.
b. That extension of the termination date of the Zone will result in benefits to the
City, its residents, and property owners, in general, and to the property residents
and property owners in the Tax Increment Financing Reinvestment Zone.
SECTION 3: That the Central Business District Tax Increment Financing
Reinvestment Zone date of termination is hereby extended to December 31, 2040.
CBD TIF Amendment Extending Termination
Page 2
AND IT IS SO ORDERED
PASSED by the City Council on first reading this 10th day of September, 2009.
PASSED by the City Council on second reading this 24th day ofSeptember, , 2009.
<-J� �
TOM MARTIN, MAYOR
ATTEST:
Rebe a Garza, City Secretary
APPROVED AS TO CONTENT:
t
Rob All' , Assistant City Manager
bevel pment Services
Linda L. Chamales
Economic Development Attorney
LC:/Cityatt/Linda/TIF.CBD- AMENDED termination date
August 25, 2009
CBD TIF Amendment Extending Termination
Page 3
THE STATE OF TEXAS ��I L i t✓r L
COUNTY -OF LUBBOCK
Before me Susan E. Smith a Notary Public in and for Lubbock County, Texas on this
day personally appeared Inez Lopez of the Southwestern Newspaper
Corporation, publishers of the Lubbock Avalanche -Journal - Morning, and Sunday, who being by me duly sworn
did despose and say that said newspaper has been cotinuously for more than fifty-two weeks prior to the first
insertion of this Legal Notice
No. at Lubbock County, Texas and the attached
printed copy of the Legal Notice
Avalanche -Journal on the following dates:
Classified Inside Sales Manager
LUBBOCK AVALANCHE -JOURNAL
is a true copy of the original and was printed in the Lubbock
"Y' al . Q(l(A LRDI wbrAc'= 4 5al,.;`
\ S62�.�
NOTARY PUBLIC in and for the State of Texas
my commission Expires
Morris Communication Corporation
Subscribed and sworn to before me this day of
F SUSAN E. SMITH
yPd* 5'ta�dTo=
y C"nb" l� 10-IM119
iNR�ME Ti� 171NA�NC�A',
� FTEfq �7URA71 �
6 _