The City of Levelland hereby elects to participate in a program of the tax abatement as authorized by the Property Redevelopment and Tax Abatement Act.
(Ordinance 860 adopted 5/6/03)
The property within the city limits of the City of Levelland shown on the map, on file in the office of the city secretary, and incorporated herein and made a part hereof is hereby designated as a reinvestment zone.
(Ordinance 860 adopted 5/6/03)
The property within the city limits of the City of Levelland shown on the map, on file in the office of the city secretary, and incorporated herein and made a part hereof, which has previously been designated as an enterprise zone, is hereby designated as an enterprise zone for the purpose of participating in tax abatement.
(Ordinance 860 adopted 5/6/03)
The city council, after conducting such hearing and having heard such evidence and testimony, has made the following findings and determinations based on the evidence and testimony presented to it:
(1)
The public hearing on adoption of the reinvestment zone has been properly called, held and conducted and that notice of such hearing has been published as required by law and delivered to all taxing units overlapping the territory inside the proposed reinvestment zone.
(2)
Creation of the proposed reinvestment zone with boundaries as described in Exhibits A and B attached to Ordinance 900 will result in benefits to the city, its residents and property owners, in general, and to the property, residents and property owners in the reinvestment zone.
(3)
The reinvestment zone, as defined in Exhibits A and B attached to Ordinance 900, meets the criteria for the creation of a reinvestment zone set forth in the act in that:
(4)
10 percent or less of the property in the proposed reinvestment zone, excluding property dedicated to public use, is used for residential purposes, which is defined in the act as any property occupied by a house which has less than five living units.
(5)
The total appraised value of all taxable real property in the proposed reinvestment zone according to the most recent appraisal rolls of the city, together with the total appraised value of taxable real property in all other existing reinvestment zones within the city, according to the most recent appraisal rolls of the city, does not exceed 15 percent of the current total appraised value of taxable real property in the city and in the industrial districts created by the city, if any.
(6)
The proposed reinvestment zone does not contain more than 15 percent of the total appraised value of real property taxable by a county or school district.
(7)
The improvements in the reinvestment zone will significantly enhance the value of all taxable real property in the reinvestment zone.
(8)
The development or redevelopment of the property in the proposed reinvestment zone will not occur solely through private investment in the reasonably foreseeable future.
(Ordinance 900 adopted 6/19/06)
The city hereby creates a reinvestment zone over the area described in Exhibit A attached to Ordinance 900 and depicted in the map attached as Exhibit B to Ordinance 900, and such reinvestment zone shall hereafter be identified as tax increment financing reinvestment zone number one, City of Levelland, Texas (the “zone” or “reinvestment zone”).
(Ordinance 900 adopted 6/19/06)
There is hereby established a board of directors for the zone that shall consist of seven members. The board of directors of tax increment financing reinvestment zone number one, City of Levelland, Texas shall be appointed as follows:
(1)
Four members shall be appointed by the city council, and one member shall be appointed by each of the other participating taxing jurisdictions. The initial board of directors shall be appointed by resolution of each of the participating jurisdictions within sixty (60) days of the passage of this division or within a reasonable time thereafter. All members appointed to the board shall meet the eligibility requirements set forth in the act. The governing bodies of other taxing units that levy taxes on real property in tax increment financing reinvestment zone number one which have chosen not to pay any of their taxes into the tax increment fund have, by so choosing, waived their right to appoint board members.
(2)
The terms of the board members shall be two-year terms. The city council shall designate a member of the board to serve as chairman of the board of directors, and the board shall elect from its members a vice-chairman and other officers as it sees fit.
(3)
In order to stagger the terms of the board members, one year after creation of the zone, three members of the board chosen by drawing lots shall resign, to be reappointed for a two-year term
(4)
The board of directors shall make recommendations to the city council concerning the administration of the zone. It shall prepare and adopt a project plan and reinvestment zone financing plan for the zone and must submit such plans to the city council for its approval. The board of directors shall possess all powers necessary to prepare, implement and monitor such project plan and financing plan for the reinvestment zone as the city council considers advisable, including the submission of an annual report on the status of the zone.
(5)
Project plans and reinvestment zone financing plans shall include all provisions, and be subject to all limitations, required by applicable law and by this division, and in addition shall specifically provide:
(A)
All funds generated by the zone and deposited in the tax increment fund shall only be used to pay for the provision of water service improvements, wastewater service improvements, street and drainage improvements, and necessary appurtenances and accessories to these facilities, together with necessary surveying, testing, engineering, construction, and provisions for debt service; and
(B)
For the apportionment of the costs of such improvements between the zone and the benefited property owners and developers.
(Ordinance 900 adopted 6/19/06)
The zone shall take effect on January 1, 2006 and that the termination of the zone shall occur on December 31, 2030, or at an earlier time designated by subsequent ordinance of the city council in the event the city determines that the zone should be terminated due to insufficient private investment, accelerated private investment or other good cause, or at such time as all project costs and tax increment bonds, if any, and the interest thereon, have been paid in full.
(Ordinance 900 adopted 6/19/06)
The tax increment base for the zone, which is the total appraised value of all taxable real property located in the zone, is to be determined as of January 1, 2006, the year in which the zone was designated a reinvestment zone.
(Ordinance 900 adopted 6/19/06)
There is hereby created and established a tax increment fund for the zone which may be divided into such subaccounts as may be authorized by subsequent resolution or ordinance, into which all tax increments, less any of the amounts not required to be paid into the tax increment fund pursuant to the act, are to be deposited. The tax increment fund and any subaccounts are to be maintained in an account at the city’s affiliated depository bank and shall be secured in the manner prescribed by law for funds of Texas cities. In addition, all revenues from the sale of any tax increment bonds and notes hereafter issued by the city, revenues from the sale of any property acquired as part of the tax increment financing plan and other revenues to be dedicated to and used in the zone shall be deposited into such fund or subaccount from which money will be disbursed to pay project costs for the zone or to satisfy the claims of holders of tax increment bonds or notes issued for the zone.
(Ordinance 900 adopted 6/19/06)
No provision of this division shall be construed as, or shall have the effect of limiting the right of each participating taxing entity to determine the tax increment that it will contribute, the portion of any tax increment that it will retain, the exclusion of any particular parcel of property from the zone, or the period of time during which it will contribute the tax increment attributable to all or any particular parcel of land, all of which powers are reserved to the governing body of each participating taxing entity.
(Ordinance 900 adopted 6/19/06)