city of the colony, texas ordinance no. 2011-1932 an

CITY OF THE COLONY, TEXAS ORDINANCE NO. 2011-1932 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF THE COLONY,

TEXAS,

APPROVING

THE

DEVELOPMENT

AND

TAX

INCREMENT PAYMENT AGREEMENT BY AND BETWEEN THE CITY OF THE COLONY, TEXAS; REINVESTMENT ZONE NUMBER ONE, CITY

OF

THE

COLONY,

TEXAS;

THE

COLONY

LOCAL

DEVELOPMENT CORPORATION; LMG VENTURES, LLC; AND TXFM, INC., PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. ) WHEREAS, the City of The Colony, Texas (the "City" , pursuant to Chapter 3 I I of the

Texas Tax Code, as amended (the "Act"), may designate a geographic area within the City as a

tax increment reinvestment zone if the area satisfies the requirements of the Act; and

WHEREAS, pursuant to and as required by the Act, the governing body of the City (the

"City Council") prepared a Preliminm:v Reinvestment Zone Financing Plan for Tax Increment

Reinvestment Zone Number One, City of The Colony, Texas, dated November 8, 20II, approved

by Ordinance No. 2011-1925 adopted November 8, 20 II, for a proposed tax increment reinvestment zone containing the approximately 433 acres of property located within the City of The Colony, Texas; and

WHEREAS, notice of the public hearing on the creation of the proposed zone was 1h official newspaper of the City on October 27, 20 IL which date is not later than published in the

the seventh (7 ) day before the public hearing held on November 8, 2011; and

WHEREAS, at the public hearing on November 8, 20ll, interested persons were allowed

to speak for or against the creation of the zone, the boundaries of the zone, and the concept of tax

increment financing, and owners of property in the proposed zone \\'ere given a reasonable opportunity to protest the inclusion of their property in the zone; and

WHEREAS, after the public hearing on November 8, 2011, the City Council approved

Ordinance No. 20 l l-1926, establishing Reinvestment Zone Number One, City of The Colony, Texas; and

WHEREAS, the City Council hereby finds and detennines that the adoption of this

Ordinance, approving the Development and Tax Increment Payment Agreement, a copy of which

is attached hereto as Exhibit A, is in the best interests of the citizens of the City of The Colony,

Texas.

NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS:

Page I November !0, 20 J J

1775 010\23621 15

SECTION l. Each and every one of the recitals, findings, and detem1inations contained in

the preamble to this Ordinance is incorporated into the body of this Ordinance as if fully set forth

herein and are hereby found and declared to be true and conect legislative findings and are adopted as part of this Ordinance for all purposes.

SECTION 2. The City Council hereby approves the Development and Tax Increment

Payment Agreement, a copy of which is attached hereto as Exhibit A, and is incorporated herein

for all purposes.

SECTION 3. If any section, article paragraph, sentence, clause, phrase or word in this

Ordinance, or application thereto to any persons or circumstances, is held invalid or unconstitutional

by a Court of competent jurisdiction, such holding shall not affect the validity of the remaining

portions of this Ordinance; and the City Council hereby declares it would have passed such

remaining portions of this Ordinance despite such invalidity, which remaining portions shall remain in full force and effect.

SECTION 4. This Ordinance shall become effective from and after its date of passage in

accordance with law.

Page 2 November

l 0. 20 II

1775 () 10\23621 1 5