HomeMy WebLinkAboutResolution - 2009-R0427 - Amendment To Agreement - Lubbock County - Extend Termination Date On TIF RZ - 10/08/2009Resolution No. 2009-RO427
October 8, 2009
Item No. 5.27
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
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.
e/';00' m
TOM MARTIN, MAYOR
ATTES
APPROV AS O ONTENT:
Rob Allis n, Assist Manager
For Development Services
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
City Att / Linda: Rcs-CBD TIF Amend Interlocal with County
September 2. 2009
Resolution No. 2009-RO427
AMENDMENT TO
CITY OF LUBBOCK AND LUBBOCK COUNTY
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. (the "COUNTY"), 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 COUNTY 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-RO481 and by County Court Order dated October 28, 2002; 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`x'
anniversary of the original termination date; and
WHEREAS, the City of Lubbock, by Ordinance No. 2009-0CN-7, 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 COUNTY 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 COUNTY, agree to the following amendment:
1. Section 7 entitled "Term" is amended to read as follows:
Amendment to City and County Interlocal CBD TIF Agreement
Page 1
"Section 7. 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 COUNTY, 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—RO427 approved on October 8th
2009, and by the COUNTY through its County Judge, duly authorized by Court Order No.
approved on ST6wbff 2009.
CITY OF LUBBOCK:
qui h1
TOM MARTIN, MAYOR
ATTEST:
IeWeccaarza, i ry
APPROVED AS TO CONTENT:
Rob Allisy6, Assistanrefty Manager
Business Development
APPROVED AS TO FORM:
Linda Chamales,
Economic Development Attorney
1-Mic L:\Chyau\ Linda—TIF Can County Interlocal -amendment
September2.2009
Amendment to City and County Interlocal CBD TIF Agreement
Page 2
LUBBOCK COUNTY:
drLLW
TOM HEAD, COUNTY JUDGE
ATTEST:
I
Court C rk
APPROVED AS TO CONTENT:
APPROVED AS TO FORM:
BeniyHemmeline, Assistant Criminal
District Attorney, Civil Div. Chief