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HomeMy WebLinkAboutOrdinance 3075ORDINANCE NO. 3075 AN ORDINANCE approving the second amendment to the reinvestment zone financing plan for Reinvestment Zone Number 1, City of North Richland Hills, and resolving other matters incident and relating thereto, and providing an effective date. WHEREAS, pursuant to the provisions of the Tax Increment Financing Act, V.T.C.A., Tax Code, Chapter 311, as amended (the "Act"), and pursuant to Ordinance No. 2333, adopted on September 14, 1998 by the City Council (the "Council") of the City of North Richland Hills, Texas (the "City"), the City created a reinvestment zone known as Reinvestment Zone Number 1, City of North Richland Hills (the "Zone"); and WHEREAS, on October 20, 1998, the Board of Directors of the Zone (the "Board") prepared and adopted a project plan (the "Project Plan") and a reinvestment zone financing plan (the "Finance Plan" and, together with the Project Plan, the "Plans") for the Zone in accordance with Section 311.011(a) of the Act and submitted such Plans to the Council for approval; and WHEREAS, the Council approved the Finance Plan and the Project Plan on October 26, 1998 and December 14, 1998, respectively; and WHEREAS, on November 6, 2008, the Board adopted a first amendment to the Project Plan and a first amendment to the Finance Plan (jointly, the "First Amendments") for the Zone in accordance with Section 311.011(e) of the Act, which First Amendments expanded the boundaries of the Zone by adding certain real property to the Zone described therein (the "Property"); and WHEREAS, on November 24, 2008, the Council, following a public hearing held in accordance with Section 311.003(c) of the Act, adopted Ordinance No. 3029 approving the First Amendments and, pursuant to the provisions of Section 311.007 of the Act, adopted Ordinance No. 3030, enlarging the boundaries of the Zone by adding the Property to the Zone; and WHEREAS, the Board has prepared and adopted a second amendment to the Finance Plan (the "Second Amendment") for the Zone in accordance with Section 311.011(e) of the Act, which Second Amendment (i) decreases the percentage of tax increment to be contributed by the Tarrant County College District from 100% to 50% of the taxes levied and collected against the captured appraised value of the Property (as determined in Section 311.012 of the Act), and (ii) adjusts the captured appraised value of the Property as a result of the adjusted taxable assessed valuation issued by the Tarrant Appraisal District, and the Board has submitted such Second Amendment to the Council for approval; and Ordinance No. 3075 Page 1 of 7 WHEREAS, the Council has held a public hearing regarding the Second Amendment and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for all interested persons to speak for or against the Second Amendment; and WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on a date that was more than seven (7) days prior to the date of such hearing; and WHEREAS, the Council hereby finds and determines that the Second Amendment is feasible and conforms to the master plan of the City and should be approved; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS: SECTION 1. Second Amendment Approval. The Second Amendment prepared and adopted by the Board, attached hereto as Exhibit A and incorporated by reference as a part hereof for all purposes, is hereby approved in all respects and such Second Amendment is deemed to be feasible and conforms to the master plan of the City. The Council hereby ratifies, confirms and approves all Council action in approving the Second Amendment. SECTION 2. Severability. If any provision of this Ordinance or the application thereof to any circumstance shall be held to be invalid, the remainder of this Ordinance and the application thereof to other circumstances shall nevertheless be valid, and the Council hereby declares that this Ordinance would have been enacted without such invalid provision. SECTION 3. Incorporation of Findings and Determinations. The findings and determinations of the Council contained in the preamble hereof are hereby incorporated by reference and made a part of this Ordinance for all purposes as if the same were restated in full in this Section. SECTION 4. Public Meeting. It is officially found, determined and declared that the meeting at which this Ordinance is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Ordinance, was given, all as required by V.T.C.A., Government Code, Chapter 551, as amended. Ordinance No. 3075 Page 2 of 7 SECTION 5. Effective Date. This Ordinance shall be in full force and effect from and after its passage on the date shown below and it is so ordained. PASSED AND APPROVED on this the 26th day of October, 2009. ~~~~~~~~~~an~~~~ ,~. ~ •~, yti• ~~t " ~"G~ ~~ ~_ uuu-u~a APP TO ORM AND LEGALITY: George A. Stap es, City Attorney :~ -- ... Patri t~ amity Secretary APPROVED AS TO CONTENT: Larry Ko ice, Director of Finance _~ ~~f ~j ~1CH'LANO n sT: r CITY O RTH C LAND HILLS `,~, By: y,,~~ O Trevino, Mayor =r ~ :r ~, Ordinance No. 3075 Page 3 of 7 1n X 1`~ d c a C lq G d .y C ~. W ~_ ~_ t ~ Z ltl ~ 3 Q ~ Z ~ ~"~ ~ a~~ m ~"'} ~ _ ~o~ X ,~ W °d« ~ ~ u~ V K q ~ ~;- ~ ~ N 1 P ~ O R ~ G ° iii ~, f"p' i C n N ~ ifi ,:~ ~ ip 4 fRV N iA' N N w ....... iti N b- p W N w ppp p CI M w M f? to Ol +`7 w pp +11 'Q w ~~ yy p ti3 V> ~ ~ d~ W er NN ~. O ~~., p ~ C ~ t(~tppi t7 tq ~ ~. t h tQQO bJ a+9 G C1 26 ~ ~ o') ~ pQ `~ N of i s K N N (Q I.t~7 q~p ~ A} ~ /D N CV N Q> Cam] RY q. r ca SA w f+~ a w ~ is ~ t9 ~ w Q ~S H ~ w w 'S w w w k F« ~ .r h st N ~ ~ v N eY N ~ N v N r +~ N ^at ~ ~? N c~ _ „~ O ~ ~3 w w S V w w /s w t Y w fi w ri~ N to _C N q Y7. h ~ 116 a + ~^ f4 q # ~ t%~ C3 !~ (L~7 C~i fj? N ~ C. ~- r N 1ti ~ ~ 4- ~ N! w w H ts> w w w w' yr a- h ~ ~ P1 ~ r" u CI !' 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P- W v~ O W ~ ~s «. ri L) ,~ ~ ~ to ~ are ~ ws v~ sn ~- CY •^ N ~+Y ~Z' ifl XtY ~ S1D ~ ~y 3" tV fV t'~ N N C tV N N N ~"` pity of North Richland Hills Amended 10-07-09 EXPANSION OF RZ NUMBER 1 Estir~nated Debt Calculations Debt Structure Level Principal Payments Fiscal Year Issued 201U Principal Amount $ 3,500,Op0 Maturity 8 years Interest Rate ' 3.85% Fiscal Year Principal Balance Principal Payment Interest Payment Total Payment 2010 $ 3,500,000 $ 95,074 $ 95,074 2011 $ 3,060,000 $ 440,000 $ 126,280 $ 566,2$0 2012 $ 2,620,000 $ 440,000 $ 109,340 $ 549,340 2013 $ 2,180,000 $ 440,000 $ 92,400 $ 532,400 2014 $ 1,740,000 $ 440,000 $ 75,460 $ 515,460 2015 $ 1,305,000 $ 435,000 $ 58,616 $ 493,616 2016 $ 870,000 $ 435,000 $ 41,$69 $ 476,$69 2017 $ 435,000 $ 435,000 $ 25,121 $ 460,121 2018 $ - $ 435,000 $ 8,374 $ 443,374 Totals $ 3,5g0,C100 ~ 832,534 $ 4,132,x34 Ordinance No. 3075 Page 6 of 7 City of Forth Richland Hills Amended 10-~ 3-09 EXPANSION OF RZ NUMBE D 1 Estima ted Investmen t Earnings on Construction Funds Issue C.©.s 12/0112009 In the amoun# of : Return on Investments : 1.0°/a' Construction Cons#ruction l=and Earnings on $ 3,5flfl,flOfl Drawdown Amount Balance Investments Drawdown January $ 144,444 $ 3,355,556 $ 2,796 Drawdown February $ 144,444 $ 3,211,111 $ 2,676 Drawdown March $ 144,444 $ 3,066,667 $ 2,556 Drawdown April $ 144,444 $ 2,922,222 $ 2,435 Drawdown May $ 144,444 $ 2,777,778 $ 2,315 Drawdown June $ 144,444 $ 2,633,333 $ 2,194 Drawdown Juiy $ 144,444 $ 2,488,889 $ 2,074 Drawdown August $ 144,444 $ 2,344,444 $ 1,954 Drawdown September $ 144,444 $ 2,200,000 $ 1,833 Total FY 2010 $' 1,300,Ot~0 $ 2ti,833 Drawdown October $ 244,444 $ 1,955,556 $ 1,630 Drawdown November $ 244,444 $ 1,711,111 $ 1,426 Drawdown December $ 244,444 $ 1,466,667 $ 1,222 Drawdown January $ 244,444 $ 1,222,222 $ 1,019 Drawdown February $ 244,444 $ 977,778 $ 815 Drawdown March $ 244,444 $ 733,333 $ 611 Drawdown April $ 244,444 $ 488,889 $ 407 Drawdown May $ 244,444 $ 244,444 $ 204 Drawdown .tune $ 244,444 $ (0) $ {0) Total FY 2011 $ 2,2Q0,00A $ 7,333 Ordinance No. 3075 Page7of7