HomeMy WebLinkAboutResolution 1989-042
RESOLUTION
89-42
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, the Texas Property Redevelopment and Tax Abatement
Act authorizes cities that have adopted "guidelines and criteria"
for the designation of reinvestment zones for purposes of tax
abatement to participate in such tax abatement, and;
WHEREAS, the City of North Richland Hills City Council
adopted such guidelines and criteria by resolution 0 September
11, 1989, and;
WHEREAS, the City of North Richland Hills City Council has
designated the 17.02 acres, more or less, owned by AEGON/Life
Investors, as a reinvestment zone, and;
WHEREAS, AEGON/Life Investors has requested tax abatement
for improvements to be constructed in the reinvestment zone, and;
WHEREAS, the planned property improvements will have an
estimated total value of $8,000,000 and AEGON/Life Investors will
hire a minimum of 177 additional permanent, full-time employees
at the facility on which taxes will be abated, and;
WHEREAS, the City Council finds that the request for tax
abatement by AEGON/Life Investors, meets the applicable City
Guidelines and Criteria, adopted September 11, 1989, and
requirements of the Texas Property Redevelopment and Tax
Abatement Act, and;
WHEREAS, the City Council finds that approval of the
proposed tax abatement will not have a sUbstantially adverse
effect on the provision of government services or tax base, that
the applicant has sufficient financial capacity to carry out the
project, that the 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, and;
WHEREAS, the City Council has held a public hearing in
compliance with the City Guidelines and Criteria to provide other
affected jurisdictions with an opportunity to show cause to the
City Council for denying the application for tax abatement by
AEGON/Life Investors, and that no such cause was demonstrated.
NOW, THEREFORE BE IT RESOLVED that the City of North
Richland Hills City Council does hereby approve the application
by AEGON/Life Investors for tax abatement associated with the
improvements described in its application for such abatement,
dated September 6, 1989, and;
BE IT FURTHER RESOLVED that the City of North Richland Hills
City Council does hereby authorize the City Manager to execute
the contract and other documents, as necessary, to implement the
tax abatement agreement in accordance with the City Guidelines
and Criteria.
Tommy Brown, M yor
City of North Richland Hills, Texas
ATTEST:
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nette Rewis, City Secretary