11-026 - RTOWN OF PROSPER, TEXAS
RESOLUTION NO. 11-026
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, APPOINTING THE BOARD OF DIRECTORS OF THE PROSPER TAX
INCREMENT FINANCING REINVESTMENT ZONE NO. 1; AND PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the Town Council has by ordinance designated Prosper Tax Increment Financing
Reinvestment Zone No. 1 and appointed action to create a Tax Increment Financing District in the zone; and
WHEREAS, Chapter 311 of the Tax Code and the ordinance creating the Tax Increment Finance
Reinvestment Zone No. 1 require the appointment of a board of directors consisting of at least five (5) but not
more than fifteen (15) members; and
WHEREAS, the Town Council desires to appoint directors to the Board of Directors of the Prosper
Tax Increment Financing Reinvestment Zone No. 1;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
Section 1. The Mayor and Council Members of the Town of Prosper are hereby appointed to
places 1 through 7 on the Board of Directors of Tax Increment Financing Reinvestment Zone No. 1 beginning
January 1, 2011, which terms shall run concurrent with their respective term of office on the Town Council,
to successive terms continuing thereafter until such process is changed. The Town Council Members are
appointed to the place positions on the Board of Directors that correspond with such Town Council Member's
place on the Town Council except that the Mayor shall serve in place 7 on the Board of Directors. The
approval of the canvass of each election for a position on the Town Council, or approval of the appointment
of a person to fill a vacant position on the Town Council, occurring after the effective date of this resolution
shall be deemed and constitute approval of the appointment of the person so elected or appointed to the
corresponding place on the Board of Directors.
S.c..q n 2. The Mayor of the Town of Prosper, concurrent with such person's term of office as
Mayor on the Town Council, is hereby designated as the Chairperson of the Board of Directors for successive
terms of one year each beginning January 1, 2011. The Board of Directors may elect a Vice -Chairperson to
preside in the absence of the Chairperson, or when there is a vacancy in the office of Chairperson. The Board
of Directors may elect other officers as it considers appropriate.
Section 3. This resolution shall take effect immediately from and after its passage.
PASSED AND APPROVED this 8th day of March, 2011.
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ATTEST: ............
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Karen Gill, Interim Town Secretary4,a
y 'Sill
i� �'1'',I� Mayor
40d�
Resolution 11-026 Appointing BOD for TIRZ1