HomeMy WebLinkAboutResolution 1108
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RESOLUTION DESIGNATING A DEVELOPMENT AREA
• UNDER THE DEVELOPMENT CORPORATION ACT AND MAKING
FINDINGS AND REPRESENTATIONS IN RELATION THERETO
WHEREAS, the Texas Legislature has enacted Article 5190 6,
V A.T.S. (the "Act"), which provides, in part, for the establishment
of "Development Areas" so that industrial revenue bonds may be issued
to finance the construction of projects for commercial uses, and
WHEREAS, the Texas Economic Development Commission has issued
regulations concerning the establishment of "Development Areas", and
WHEREAS, a Development Area as defined in the Act means "an
area of a city that the city finds and determines, after a public
hearing, should be developed in order to meet the development objectives
of the city", and
WHEREAS, that area (referred to herein as the "Property") described
in Exhibit "A" attached hereto contains vacant or rural property which
is not developed, but which the City desires to see developed; and
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WHEREAS, it is the desire of this City Council to foster economic
development of the Property in order to create more jobs and broaden
the property tax base within the City of Fort Worth, Texas (the "City"),
and
WHEREAS, in accordance with said Act and Rules the required notice
of public hearing and public hearing on the establishment and designa-
tion of a Development Area have been given and held;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS:
1 That the above recitals are true and correct,
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2 That all findings made herein are made pursuant to
the provisions of the Act and the Rules of the Texas
Economic Development Commission relating to Indus-
t
trial Development Bond Financing, particularly those
Emergency Rules published as part of Chapter 107 in
the Texas Register on or about October 8, 1985,
regarding establishment of a Development Area;
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3. A map of the Property with such adequacy as
would permit its boundaries to be properly
located on the ground is attached hereto as
Exhibit "A".
4. The overall objectives of the City for
development of the Property are to foster
commercial, manufacturing and industrial
growth consistent with the City's zoning
ordinance(s) and any City master plan(s),
to foster an increase in employment within
the City limits, and the increasing of the
City's ad valorem and sales tax base.
5. The City hereby finds and represents to the
Texas Economic Development Commission that
the availability of financing projects for
commercial uses under the Act will contribute
significantly to the development of the
!. Property.
6. The type of projects for commercial uses
desired and authorized by the city to enhance
its development efforts in the development
area are any and all types of commercial
developments.
7. That the City represents that it will review
all project descriptions for approval of specific
projects for commercial uses in order to deter-
mine whether such projects are consistent with
the City's objectives for redevelopment of the
Development Area.
8. That the City's best estimates at the time of
the adoption of this Resolution of the City's
proposed public improvements to be made tc the
Development Area are as follows
None identified as of this date
WHEREFORE, premises considered, and subject to the provisions of
the Rules that allow the Texas Economic Development Commission to notify
the City to the contrary, the City hereby declares the Property to be
a Development Area.
CITY OF FORT WORTS
A ResolutTion ?
That this Resolution shall take effect immediately upon its
adoption and the City Secretary is hereby directed to transmit a
certified copy of this Resolution to the Texas Economic Development
Commission.
APPROVED BY
CITY COUNCIL
DEC 17 1995
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City Secretary of the
City of FPS Mcalbanum
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CITY OF FORT WORTH
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