HomeMy WebLinkAboutResolution 807 - RESOLUTION`: l:'ILF
A Resolution
�^ A RESOLUTION SUPPORTING THE PASSAGE
OF CONSTITUTIONAL AMENDMENT NO. 1
WHEREAS, on November 3, 1981 , the voters of Texas will con-
sider seven constitutional amendments in a special election; and
WHEREAS, voter approval of Proposition No. 1 would invalidate
the Texas Tax Increment Financing Act of 1981 (S.B. 16) and the Property
Redevelopment and Tax Abatement Act (S.B. 17), both passed by the 1st
Called Session of the 1981 Legislature; and
WHEREAS, both Acts would offer new options for Texas cities
to enhance their property tax base and improve their financial stabil -
ity during times of spiralling inflation rates and reduced federal
assistance; and
WHEREAS, after designating "reinvestment zones" by ordinance,
city councils could fund improvements to public property and municipal
services, or offer tax relief incentives for property owners to undertake
specified improvements; and
WHEREAS, utilization of the options 'available under Proposition
No. l allows each Texas community to determine its needs under plans
designed and controlled locally; and
WHEREAS, city councils electing to utilize tax increment finan-
cing and/or tax abatement can foster needed improvement to both public
and private property without additional burdens on taxpayers; and
WHEREAS, the resulting improvements will yield increased rev-
enues to school districts, counties, and cities;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Fort
Worth supports the passage of Proposition No. 1 on the November 3, 1981 ,
statewide ballot; and
BE IT FURTHER RESOLVED that the City Council of the City of Fort Worth
encourages all qual ified voters to support the passage of Proposition No. 1 .
PASSED AND APPROVED by the City Council of the City of Fort Worth this
20th day of October, 1981 .
APPROVED:
ATTEST: Mayor
I City Secretary
OTT OF FORT WORTS