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HomeMy WebLinkAboutResolution - 2009-R0039 - Schedule Public Hearing On Establishing A Reinvestment Zone - 01/22/2009Resolution No. 2009-80039 January 22, 2009 Item No. 5.23 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 10:00 A. M. on February 12, 2009 in the City Council Chambers of the City of Lubbock at 1625 IP 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 10:00 A. M. on February 12, 2009, at the City Council Chambers of the City of Lubbock at 1625 IP 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 3. THAT the City Manager, or his designee, cause publication of 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 22nd day of January , 2009. TOM MARTIN, NIA�(OR ATTEST: Rebe&a Garza, City Secretary APPROVED AS TO CONTENT: Ro 1 ison, ' ant City Manager Development Services APPROVED AS TO FORM: -, -- �'! � �' '�' , " f f '- � Linda L. Chamales, Economic Development Attorney Lc: city att/ Linda/ReinvestmentZoneRes Sun Star January 8, 2009 Resolution No, 2009-10039 Exhibit "A" 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 below and depicted on the map labeled A-1 (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 10:00 A. M. on February 12, 2009, in the City Council Chambers of the City of Lubbock at 1625 13th Street, Lubbock, Texas. The proposed Reinvestment Zone is to be located on the property described as follows: Tract "A", Rolling Plains Addition to the City of Lubbock, Lubbock County, Texas, according to the map, plat, and/or dedication deed thereof recorded in Volume 4333, Page 126, Real Property Records of Lubbock County, Texas 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 $1.2 million in improvements to an existing facility and $760,000 in new machinery and equipment. The estimated increased annual tax revenues from real and personal property on this development will be approximately $42,000, inclusive of all taxing entities. A tax abatement will be proposed for a portion of the increased value.