The city council, after conducting such hearing and having heard
such evidence and testimony as provided in Ordinance 371-2004, has
made the following findings and determinations based on the evidence
and testimony presented to it:
(1)
That 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)
That creation of the proposed reinvestment zone with boundaries as
described in exhibits A and B of Ordinance 371-2004 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)
That the reinvestment zone, as defined in exhibits A and B of Ordinance
371-2004, meets the criteria for the creation of a reinvestment zone
set forth in the Tax Increment Financing Act, chapter 311 of the Texas
Tax Code, Vernon’s Texas Codes Annotated (the “Act”)
in that:
(4)
That 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)
That 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)
That 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)
That the improvements in the reinvestment zone will significantly
enhance the value of all taxable real property in the reinvestment
zone.
(8)
That 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 371-2004, sec. 2, adopted 4/13/04)
The city hereby creates a reinvestment zone over the area described
in exhibit A attached to Ordinance 371-2004 and depicted in the map
attached to Ordinance 371-2004 as exhibit B, and such reinvestment
zone shall hereafter be identified as Tax Increment Financing Reinvestment
Zone Number One, City of Joshua, Texas (the “zone” or
“reinvestment zone”).
(Ordinance 371-2004, sec. 3, adopted 4/13/04)
There is hereby established a board of directors for the zone,
which shall consist of five members. The board of directors of Tax
Increment Financing Reinvestment Zone Number One shall be appointed
as follows:
(1)
Three members shall be appointed by the city council, and two members
shall be appointed by the commissioners’ court of the county.
The initial board of directors shall be appointed by resolution of
the city council and the commissioners’ court 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 have chosen not to pay any of their taxes into the
tax increment fund and have 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)
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 and financing plans to the city council for
its approval. The board of directors shall possess all powers necessary
to prepare, implement and monitor such project plans for the reinvestment
zone as the city council considers advisable, including the submission
of an annual report on the status of the zone.
(Ordinance 371-2004, sec. 4, adopted 4/13/04)
The zone shall take effect on April 13, 2004, and the termination
of the zone shall occur on April 12, 2024, 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 371-2004, sec. 5, adopted 4/13/04)
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, 2004, the year in which the zone was designated a
reinvestment zone.
(Ordinance 371-2004, sec. 6, adopted 4/13/04)
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 treasurer’s affiliated depository bank of the city
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 371-2004, sec. 7, adopted 4/13/04)
