HomeMy WebLinkAboutIR 7136 INFORMAL REPORT 1"0 CITY COUNCIL MEMBERS No.
7136
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,... 4f� July 1 , 1986
`Q�VOR? To the Mayor and Members of the City Council
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rF✓✓x Py Subject: Issuance of Industrial Development Bonds Within the City of
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Fort Worth by Tarrant County
In 1985 the City Council created the Sunbelt Industrial Development
Corporation ("Sunbelt") for the purpose of development of new and expanded
industrial and manufacturing enterprises in certain areas of the City of
Fort Worth. During discussions preceding the establishment of Sunbelt the
Council was made aware of the existence of the Tarrant County Industrial
Development Corporation and advised that if the City created its' own
entity the County entity did not intend to issue industrial revenue bonds
within the boundaries of the City.
With this understanding the City proceeded to create Sunbelt with the
intent to issue bonds only for projects located within designated target
areas of the City although other projects in adjacent areas would be
considered on a case-by-case basis.
The City staff has recently been informed that Tarrant County Industrial
Development Corporation has received an application for industrial
development bond financing within the City of Fort Worth. As this action
appears to be contrary to the City Council's original intent staff requests
a current statement of the Council's position which shall then be
transmitted to the County.
Douglas Harman
CityManager
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Attachment
OFFICIAL RECO°D
• CITY SECRETARY
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