HomeMy WebLinkAboutIR 7024 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7024
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To the Mayor and Members of the City Council May 28, 1985
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X Subject: INDUSTRIAL DEVELOPMENT BONDS
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During the Pre-Council meeting on April 9, 1985, the City Council dis-
cussed the pros and cons of issuing industrial development bonds as an
economic development tool . Since that time, the City's bond counsel ,
McCall , Parkhurst and Horton, has prepared all of the documents neces-
sary to form a Fort Worth Industrial Development Corporation.
For your consideration, below are some of the options available to the
City Council :
1. Issue IDBs for industrial and manufacturing projects on a City-
wide basis.
2. Issue IDBs for industrial and manufacturing projects in desig-
nated areas (for example, pockets of poverty and CDBG target
areas) .
3. In addition to the industrial and manufacturing projects, issue
IDBs for commercial projects in "eligible blighted areas". These
areas must be designated by the City Council and are ones that
contain a substantial number of substandard, slum-deteriorated,
or deteriorating structures and suffer from a high rate of
unemployment.
A map has been prepared to illustrate certain target areas that the City
Council may want to consider. The City's bond counsel will be at the
Pre-Council meeting on May 28, 1985, to answer any questions that may
arise. Chamber of Commerce officials who have an interest in this topic
have also been invited to attend the meeting.
Douglas Harman
City Manager
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS