1997-043CA
IRA
A RESOLUTION by the City Council of the City of Southlake, Texas setting a
public hearing on the creation of reinvestment zone; directing notice of such
public hearing be given and resolving other matters incident and related thereto.
WHEREAS, the City Council of the City of Southlake, Texas has determined a certain
contiguous geographic area in the City should be designated a reinvestment zone to promote
development or redevelopment within the area pursuant to and in accordance with the
provisions of the Tax Increment Financing Act (V.T.C.A., Tax Code, Chapter 311, as
amended), hereinafter referred to as the "Act"; and
WHEREAS, a description of the proposed boundaries of the reinvestment zone,
together with tentative plans for the development or redevelopment of the proposed
reinvestment zone and an estimate of the general impact of the proposed reinvestment zone on
property values and tax revenues, is attached hereto as Exhibit A and incorporated herein by
reference as a part hereof for all purposes; and
WHEREAS, before designating such area to be a reinvestment zone, the City must
hold a public hearing on the creation of the reinvestment zone and its benefits to the City and
to property in the proposed reinvestment zone; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE,
TEXAS:
SECTION 1: A public hearing shall be held on the 26th day of August, 1997, during
the regular meeting of the City Council of the City to begin at 7:00 P.M., on the creation of a
reinvestment zone within the area and boundaries described in Exhibit A attached hereto and
incorporated herein by reference as a part of this Resolution for all purposes and its benefits to
the City and to the property in the proposed reinvestment zone.
SECTION 2: The City Manager, Director of Finance and City Secretary are hereby
authorized and directed to notify, not later than the 60th day before the date of said public
hearing, the governing body of each taxing unit that levies real property taxes in the proposed
reinvestment zone that the City intends to establish such reinvestment zone. Such notice to
said governing bodies shall be in writing and contain substantially the information appearing in
Exhibit A attached hereto, including a description of the proposed boundaries of the
reinvestment zone, the tentative plans for the development or redevelopment of the area within
the reinvestment zone and an estimate of the general impact of the proposed reinvestment zone
on property values and tax revenues.
Additionally, such City officials shall cause to be prepared on behalf of the City a
preliminary reinvestment zone financing plan in accordance with the requirements of
V.T.C.A., Tax Code, Section 311.003(b) and make the necessary arrangements for the City
Council to make a formal presentation to the governing bodies of the county and the school
district that levies real property taxes in the proposed reinvestment zone, as well as members
of the governing bodies of the other taxing units that levy real property taxes in the proposed
zone who may elect to attend such presentation; all in accordance with the provisions of
V.T.C.A., Tax Code, Section 311.003(f).
SECTION 3: The City Secretary is hereby further directed to cause a notice of the
public hearing on the creation of the reinvestment zone, in substantially the form and content
of Exhibit B hereto attached, to be published at least once in a newspaper having general
circulation in the City not later than the seventh (7th) day before the date of the public hearing.
SECTION 4: It is officially found, determined, and declared that the meeting at which
this Resolution is adopted was open to the public and public notice of the time, place, and
subject matter of the public business to be considered at such meeting, including this
Resolution, was given, all as required by V.T.C.A., Government Code, Chapter 551, as
amended.
SECTION 5: This Resolution shall take effect and be in full force immediately from
and after its date of adoption shown below.
PASSED AND ADOPTED, this June 24, 1997.
ATTEST:
City Secretary,
City of Southlake, Texas
City Seal)
APPROVED AS TO FORM:
City Attorney
ofMayo , Nell Southla iexas
PUBLIC NOTICE
NOTICE OF A PUBLIC HEARING
ON THE CREATION OF A
REINVESTMENT ZONE
The City Council of the City of Southlake, Texas on the 26th day of August, 1997, during the
Council's regular meeting to be held at 7:00 P.M. at the City Hall, 667 North Carroll Avenue,
Southlake, Texas, will conduct a public hearing on creation of a reinvestment zone to promote
development or redevelopment of the area consisting of approximately 646 acres of land
generally located within the area bounded by East Highland Street, North Kimball Avenue,
East Southlake Boulevard (F.M. 1709) and North Carroll Avenue in the City of Southlake,
Texas. A more complete description of the proposed boundaries of the reinvestment zone,
together with the tentative plans for the development of the reinvestment zone and an estimate
of the general impact of the proposed reinvestment zone may be obtained from the office of the
City Secretary. All interested persons are invited to attend said public hearing and speak on
the creation of the reinvestment zone, its boundaries or the concept of tax increment financing.
Sandra LeGrand
City Secretary,
City of Southlake, Texas
EXHIBIT W
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Exh.bit `B'
Beginning at the intersection of the north right-of-way line of Highland Street and the west right-
of-way line of Carroll Avenue (said right-of-way being either the existing or what becomes
future right-of-way after future right-of-way acquisition).
THENCE EAST, along the north right-of-way of Highland Street (said right-of-way being
either the existing or what becomes future right-of-way after future right-of-way
acquisition) to the intersection of the projection of said north right-of-way of
Highland Street and the city limits between the cities of Grapevine and Southlake;
THENCE SOUTH, along the city limits line between the cities of Grapevine and Southlake
to the intersection of the projection of north right-of-way line of Shady Lane and
the city limits line between the cities of Grapevine and Southlake;
THENCE EAST, along the projection of the north right-of-way line of Shady Lane to the
intersection of the east right-of-way line of Kimball Avenue (said right-of-way
being either the existing or what becomes future right-of-way after future right-of-
way acquisition) and the north right-of-way line of Shady Lane (said right-of-way
being either the existing or what becomes future right-of-way after future right-of-
way acquisition);
THENCE SOUTH, along the east right-of-way of Kimball Avenue (said right-of-way being
either the existing or what becomes future right-of-way after future right-of-way
acquisition) to the intersection of the said east right -of --way line of Kimball
Avenue and the north right-of-way of State Highway 114 (Northwest Parkway)
said right-of-way being either the existing or what becomes future right-of-way
after future right-of-way acquisition);
THENCE SOUTH, along the east right-of-way of State Highway 114 (Northwest Parkway)
said right-of-way being the east right-of-way after right-of-way acquisition is
complete for the construction of State Highway 114 improvements) to the
intersection of the south right-of-way of State Highway 114 (said right-of-way
being either the existing or what becomes future right-of-way after future right-of-
way acquisition), and the east right-of-way of Kimball Avenue (said right-of-way
being either the existing or what becomes future right-of-way after future right-of-
way acquisition);
THENCE SOUTH, continuing along the east right-of-way of Kimball Avenue (said right-of-
way being either the existing or what becomes future right-of-way after future
right-of-way acquisition) to the intersection of the north right-of-way of F.M.
1709 (Southlake Boulevard); and the said east right-of-way of Kimball Avenue;
THENCE WEST, along the north right-of-way of F.M. 1709 (Southlake Boulevard) to the
intersection of the west right-of-way of Carroll Avenue (said right-of-way being
either the existing or what becomes future right-of-way after future right-of-way
acquisition) and north right-of-way of F.M. 1709 (Southlake Boulevard);
THENCE NORTH, along the west right-of-way of Carroll Avenue (said right-of-way being
either the existing or what becomes future right-of-way after future right-of-way
acquisition) to the intersection of the said west right-of-way line of Carroll
Avenue and the south right-of-way of State Highway 114 (Northwest Parkway)
said right-of-way being either the existing or what becomes future right-of-way
after future right-of-way acquisition);
THENCE NORTH, along the west right-of-way of the intersection of State Highway 114
Northwest Parkway) and Carroll Avenue (said right-of-way being the west right-
of-way
ight-
ofway after right-of-%vay acquisition is complete for the construction of State
Highway 114 improvements) to the intersection of the north right-of-way of State
Highway 114 (said right-of-way being either the existing or what becomes future
right-of-way after future right-of-way acquisition), and the west right-of-way of
Carroll Avenue (said right-of-way being either the existing or what becomes
future right-of-way after future right-of-way acquisition);
THENCE NORTH, continuing along the west right-of-way of Carroll Avenue (said right-of-
way being either the existing or what becomes future right-of-way after future
right-of-way acquisition) to the POINT OF BEGINNING, containing 646 acres,
more or less.
G \Buemaps\SLKE\927.05 wpd
May 12, 1997