m - City of New Braunfels

256
RESOLUTION NO. 2007 -R52
RESOLUTION BY THE CITY COUNCIL OF THE CITY OF NEW
BRAUNFELS, TEXAS AUTHORIZING AN INTERLOCAL
COOPERATIVE AGREEMENT BETWEEN THE NEW BRAUNFELS
INDUSTRIAL DEVELOPMENT CORPORATION AND THE CITY OF
NEW BRAUNFELS, TEXAS; AND OTHER MATTERS IN CONNECTION
THEREWITH
WHEREAS, the City of New Braunfels, Texas (the City) is authorized pursuant to
the provisions of Section 48, as amended, Texas Revised Civil Sta~utes Annotated
Article 5190.6 (the Act) to create a nonprofit industrial development corporation (the
Corporation);
WHEREAS, the City Council (the Council) of the City on August 14, 2000
authorized the calling of an election authorizing the levy of three-eights (3/8) of one
percent (1%) additional sales and use tax (the Sales Tax) within the City in accordance
with the provisions Qf the Act;
WHEREAS, the majority of the citizens of the City approved the levy of the Sales
Tax at an election held on November 7, 2000;
WHEREAS, the Council pursuant to an ordinance adopted on November 13,
2000 authorized the levy of the Sales Tax;
WHEREAS, Section 2(11) of the Act defines "project" to include expenditures
found by the Board of Directors of the Corporation to be required or suitable for
infrastructure necessary to promote or develop new or expanded business enterprises
limited to streets and roads, rail spurs, water and electric utilities, gas utilities, drainage
and related improvements, and telecommunications and Internet improvements; and
WHEREAS, the Council published notice of the specific project or type of general
project that the Corporation intends to undertake concerning the allocation of Sales
Taxes of the Corporation for certain projects consisting of the development of regional
drainage improvements and the construction of Fann to Market Road (FM) 306 on the
east side of Interstate Highway (/H) 35 to FM 1101, the extension of water mains down
FM 306 and FM 1101 to connect with the existing water service at FM 11 01 and
Collenberg Road, and various road and utilities infrastructure in that area which will
support the Creekside Project, a proposed one million square foot retail facility to be
constructed at IH 35 and FM 306 (the Project) ; and
WHEREAS, the City created Reinvestment Zone Number One, City of New
Braunfels, Texas (the Zone); and
WHEREAS, the Corporation has agreed to contribute its Sales Tax collected in
the Zone to the City for deposit in the tax increment fund for the Zone; and
65045862.2