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HomeMy WebLinkAboutResolution 1998-010 RESOLUTION NO. 98 - 10 WHEREAS, the economic viability of the City of North Richland Hills depends on the City's ability to attract new investment through the location of new industry and the expansion of existing industry, and; WHEREAS, the creation and retention of job opportunities that result from new economic development is the highest civic priority, and; WHEREAS, Chapter 311 of the Texas Tax Code authorizes City Councils to initiate creation of a Tax Increment Financing District if the area's present condition "substantially impair's City's growth" or has "substandard or deteriorating, faulty layout, unsanitary or unsafe conditions that endanger life", and; WHEREAS, the City of North Richland Hills City Council recognizes that the Richland Plaza Shopping Center appears to meet the State's criteria; and, WHEREAS, a Fort Worth-based developer has an option to purchase the 42.09 acre complex and is interested in redeveloping it into a multi-use business center, and; WHEREAS, the developer's consulting engineers have proposed a drainage project which will facilitate redevelopment of the existing 300,000 square feet and possible new development of 20,000 square feet, and; WHEREAS, the additional cost of these proposed improvements to Mackey Creek are eligible and could be funded through creation of a tax increment financing district, planned use of the property does not constitute a hazard to public safety, health or morals, and that the planned use of the property does not violate other codes or laws. NOW, THEREFORE BE IT RESOLVED that the City of North Richland Hills City Council does hereby communicate its interest in and intent to form the Richland Plaza Tax Increment Financing District, subject to participation by the other local taxing entities, and; BE IT FURTHER RESOLVED that the City of North Richland Hills City Council does hereby authorize the City Manager and his staff to continue visiting with representatives of other affected taxing entities and begin preparing a conceptualized financing plan for City Council review and comment, stipulated in the State's timetable for creation of a TIF District Passed by the City Council this 23rd day of February, 1998. -~~~~'-- Tommy Brown~ayor City of NortlYRichland Hills, Texas ATTEST: ~?J J !Æ ,,{4 i ';'(c(¿ ê ¡)C_¿ (.1..3LJ-'\- Patricia Hutson, City Secretary APPROVED AS TO CONTENT: !\ \ ( "'., ' \! \J\~ûJuLfA J> Marty Wieder, Director of Economic Development APPROVED AS TO FORM AND LEGALITY: í~ ..'/ ~C/¿ /"::ßj:!~J/· (-~. \/ Rex McEntire, Attorney for the City