HomeMy WebLinkAboutResolution - 2009-R0428 - Amendment To Agreement - High Plains UWCD - Extend Termination Date For TIF RZ - 10/08/2009Resolution No. 2009—RO428
October 8, 2009
Item No. 5.28
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 High Plains
Underground Water Conservation 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.
TOM MA TIN, MAYOR
ATTEST:
C
APPROV D AS TO CONTENT:
RoU Al ' n, ssI tCi Manager
For Development Services
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
City Att / Linda: Res -CBD TIP Amend Interlocal with Water Dist
Septcntber 2. 2009
Resolution No. 2009-RO428
AMENDMENT TO
CITY OF LUBBOCK AND HIGH PLAINS UNDERGROUND
WATER CONSERVATION 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 High Plains Underground Water Conservation District
(the "WATER 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 WATER 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-RO480 and by approval of the Water District November 12, 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 201h
anniversary of the original termination date; and
WHEREAS, the City of Lubbock, by Ordinance No. 2009-0 ON—1, 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 WATER 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 WATER DISTRICT, agree to the following
amendment:
Amendment to City and Water District Interlocal CBD TIF Agreement
Page 1
1. Section 5 entitled "Term" is amended to read as follows:
"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 WATER 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-RO428 approved on October 8th ,
2009, and by approval of the WATER DISTRICT, duly authorized on mer I'1 , 2009.
CITY OF LUBBOCK:
e - -)�, A, � Z;?"
TOM MARTIN, MAYOR
r l ,
APPROVEDAAS TO CONTENT:
RobAlli n, Assistant City,Manager
Business evelopment
APPROVED AS TO FORM:
HIGH PLAINS UNDERGROUND WATER
CONSERVATION DISTRICT:
Da� '17&,�11
President, Boald of Directors
APPROVED AS TO CONTENT:
J' kl��-
right, Manager
Linda Chamales,
Economic Development Attorney
LLC:lc L:\Cityatt\ Linda — TIF CBD Water Dist Interlocal -amendment
September 2. 2009
Amendment to City and Water District Interlocal CBD TIF Agreement
Page 2