1998-08-10 Regular Meeting and Workshop of City Council

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I Aug-06-98 12:41P Halts Hill & Patterson I I I I I I I I I 7135419906 e P.03 Hawes Hill , Patterson Consultants, L.L.P. Land Development and City ~lanning Services and Development Financing Eo: the p:ivate and Public Secto:s Reinvestment Zone Financing Plan. The Final Project Plan and Reinvestmenl Zone l:inancing Plan must be approved by the TLF Board and City Council. 5. Reimbursements are only allowed for eligible publieimprovements as specified in Chapter 311.002 of the Texas Tax Code. Reimbursements tor public improvements would be available only after taxable improvements are constructed and tax increment revenue is cul1ecled and deposited-into a tax increment thnd. 6. In accordance with Chapter 311.007 urthe Texas Tax Code, the TI'" would temlinale un the earlier ot: - . - - B. The termination datc designated in the ordinance creating the :Lone or an earlier termination dale de~ignatcd by an ordinance adopted subsequent tu the ordinance creating the ~ne; The date on which aU project costs, tax increment bonds. and i.nterest on those b(}nd~ have been paid in full: The tax im:rement pledged to the payment of bond-; and interest on thc bonds may be discharged and the reinvestment zone may be tenninated if the municipality that created the zone deposits or causes to be deposited with a trustee or other escrow agent authorUed by law funds in all amount tha.t~ together with the interest un the investment ofthe funds in direct obligations of the United States, will be !:luflicienl to pay the principal (lr~ premium, irany, and interest on all bonds, issued on behalf of the reinvestment 7.one at maturity ur althe date IL'<.cd lor redemption of the bonds. and to pay any other amounts that may become due, inlcuding compcnsation due or due to become due to the tru.'aee or escrow agent. h. c. 7. Comprehensive financial ~chedulcs will bc drafted which indicate participation by onc. two. and all three of the tax authorities (City, County. LPlSD) to determine the financial fea.'lihiliLy of"the TIF at various levels ofparticipalion. 8. Several developers would complete the projects. Devclopers of each phase would ~ chosen based on their ability and experience to cnmplete lhe projects within the overall master plan. The subdivision developer will he:: delemlined at a later dalc. Builders of single family homes would be sought based 011 their reputati(m~ experience and other quality-related factors. Mailbox: 11743 Weet Be~~fort No. 309 Staffo:d, Texas 77477 Location: 7324 Southwest Freeway Arena TwO Tower 1975 Houston, Texas 77074 (113) 541-0447 (713) 541-9906 (Fax)