08-066 - RRESOLUTION No. 08-066
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER, COLLIN
COUNTY, TEXAS, CALLING A PUBLIC HEARING FOR OCTOBER 14, 2008, TO
CONSIDER THE ESTABLISHMENT OF TAX INCREMENT FINANCING ZONE NO. 1;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town Council has entered into an agreement with the owner, Blue Star Land, LP, 183
Land Corp., and Blue Star Allen Land LP, of 500 acres of land in the Town of Prosper, Collin County,
Texas, located at the northeast and northwest sections US Hwy 380 and Preston Road requiring that
such contiguous area be designated as a reinvestment zone for tax increment financing; and
WHEREAS, the Tax Increment Financing Act, Chapter 311, Texas Tax Code, requires the Town Council to
conduct a public hearing on the designation of such property as a reinvestment zone for tax increment
financing and the creation of Tax Increment Financing Zone No. 1; and
WHEREAS, the Town will provide seven days prior notice of the public hearing by publication in a
newspaper of general circulation; and,
WHEREAS, the Town has or will notify the governing body of each taxing unit that levies real property
taxes in proposed Tax Increment Financing Zone No. 1 that the city intends to establish Tax Increment
Financing Zone No. 1; and,
WHEREAS, the notice to the governing body of each taxing unit that levies real property taxes in the
proposed Tax Increment Financing Zone No. 1 has or will include a description of the proposed
boundaries of Tax Increment Financing Zone No. 1, the tentative plans for development, and the
estimated impact on property values and the tax revenue; and,
WHEREAS, the Town has or intends to prepare preliminary project and investment zone financing plans
for proposed Tax Increment Financing Zone No. 1 and has or will send a copy to each taxing unit that
levies real property taxes in proposed Tax Increment Financing Zone No. 1.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, COLLIN
COUNTY, TEXAS, THAT:
SECTION 1. The Town Council shall conduct a public hearing on October 14, 2008 on the creation of Tax
Increment Financing Zone No. 1.
SECTION 2. The Town Manager is directed to provide the requisite notices for the creation of Tax
Increment Financing Zone No. 1 in accordance with Chapter 311, Texas Tax Code.
SECTION 3. The Town Manager and/or designated representative is authorized to make the formal
presentations to County of Collin, Texas, the Collin County Community College District, and the Prosper
Independent School District governing bodies pursuant to Texas Tax Code, Section 311.003(f), and to
undertake all other preliminary preparations and actions in accordance with the Act.
SECTION 4. This resolution shall take effect immediately from and after its passage in accordance with
the provisions of the Charter of the Town of Prosper, and it accordingly so resolved.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, COLLIN COUNTY,
TEXAS, ON THIS 12T" DAY AUGUST, 2008.
ATTEST:
atthew D. Denton, TRMC, TOWN SECRETARY
APPROVED:
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