HomeMy WebLinkAboutResolution - 2485A - Establish Tax Increment Financing Fund - 12/18/1986MH:js
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Resolution #2485A
December 18, 1986
Item 17
WHEREAS, an Urban Renewal Plan has been approved by the City of Lubbock,
referred to as the NDP Plan; and
WHEREAS, Article 1269L-3, V.A.T.S. requires establishment of a "Tax In-
crement Fund" by Resolution of City Council; and
WHEREAS, the Urban Renewal Agency Board of Commissioners is governing
the implementation of the plan using tax increment funding; and
WHEREAS, the Urban Renewal Board of Commissioners may create subcommit-
tees to review and advise on issues related to the implementation of the Tax
Increment Financing Plan; and
WHEREAS, the Urban Renewal Board of Commissioners will notify all of the
taxing entities of Urban Renewal Board meeting where TIF matters are on the
agenda; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT, there shall be established a Fund to be known as the "Tax Incre-
ment Fund," which Fund is hereby created on even date with the passage of Or-
dinance No. 8997 which amends the Urban Renewal Plan for the Neighborhood
MRedevelopment Program Area, providing for land use changes and a tax increment
financing district.
Passed by the City Council this 1Rth day of DPcPmher , 1986.
Vf r A/
B. C. McMINN, MAYOR
ATTEST:
newte Boya, (:i ty Secretary
APPROVED AS TO CONTENT:
Sandy Ogl reE,, Community
Development Administrator
APPROVED AS TO FORM•
.d
MicKele Hart,'A§sistafht City
Attorney
LUBBOCK CENTRAL APPRAISAL DISTRICT
DAVE KIMBROUGH
Chief Administrator/Appraiser MEMORANDUM
TO: City Council of the City of Lubbock
FROM: Dave Kimbrough
DATE: December 18, 1986
SUBJECT: Certified Market Value of Property Within Tax Increment
Financing District
Hereinafter set forth, please find the market value of
property contained within the Tax Increment Financing
District as set forth in Ordinance No. 8997 , which
Ordinance was passed on second reading by the City Council on
December 18, 1986:
(a) Market Value of Property $ 91,919,040
(b) There are approximately 102 numbers of properties
exempt from tax and are included as zero in this
Certification.
Chief Appraier/Admin strator
Concurre
BY: -
Comptroller
Y:Comptroller of Publicccounts
of the State of Texas
CERTIFICATION
I, Dave Kimbrough, Chief Appraiser/Administrator of the Lubbock
Central Appraisal District hereby certify that the foregoing values of
property are true and correct and represent the value of real property
according to the 1986 certified appraisal roll within the Tax Increment
Financing District established by Ordinance No. 8997 , which
Ordinance was passed by the City Council of the City of Lubbock on
second reading on December 18, 1986. This Certification is made in
accordance with Art. 1269L-3, Sec. 22(a)(b).V.A.C.S.
ve Kimbrough
1715 - 26th STREET P.O. BOX 10542 LUBBOCK, TEXAS 79408 (806) 762-5000