O-2681-11-07ORDINANCE NO. 2681-11-07
' AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, ADOPTING THE FINAL PROJECT AND FINANCING PLAN
FOR CITY OF ALLEN TAX INCREMENT FINANCING REINVESTMENT ZONE
NO. 1; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on December 13, 2005, the City Council of the City of Allen, Texas established Tax
Increment Financing Reinvestment Zone No. 1 ("TIF Zone No. 1"); and,
WHEREAS, Tax Increment Financing Act, Chapter 311, Tax Code, requires the Board of Directors
of the TIF Zone No. 1 to prepare and adopt a final project and reinvestment zone financing plan and
submit the same to the City Council for approval; and,
WHEREAS, the Final TIF Zone No. 1 Project and Financing Plan is substantially consistent with
the preliminary project and financing plans developed for TI' Zone No. 1; and,
WHEREAS, on October 24, 2007, the TIF Zone No. 1 Board of Directors reviewed and approved
the Final TIF Zone No. 1 Project and Financing Plan, a copy of which is on file in the City
Secretary's Office; and,
t WHEREAS, the Board of Directors of the TIF Zone No. 1 recommends that the City Council
approve the Final TIF Zone No. 1 Project and Financing Plan; and,
WHEREAS, the City Council has been presented with the Final TIF Zone No. 1 Project and
Financing Plan.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ALLEN, COLLIN COUNTY, TEXAS, THAT:
SECTION 1. The Final TIF Zone No. 1 Project and Financing Plan, having been reviewed by the
City Council of the City of Allen, Texas, and found to be in accordance with Chapter 311, Tax Code,
and in the best interests of the City of Allen and its citizens, is hereby in all things approved and
adopted.
SECTION 2. All Ordinances of the City of Allen, Collin County, Texas, in conflict with the
provisions of this Ordinance be, and the same are hereby, repealed; provided, however that all other
provisions of said Ordinances not in conflict with the provisions of this Ordinance shall remain in
full force and effect.
SECTION 3. Should any word, sentence, paragraph, subdivision, clause, phrase or section of this
Ordinance, as amended hereby, be adjudged or held to be void or unconstitutional, the same shall not
' affect the validity of the remaining portions of said Ordinance, which shall remain in fall force and
effect.
SECTION 4. This Ordinance shall take effect immediately from and after its passage and
publication in accordance with its provisions of the Charter of the City of Allen, and it is accordingly
' so ordained.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, ON THIS THE 27TH DAY OF NOVEMBER, 2007.
1
APPROVED:
Stephe Terrell, MAYOR
APPROVED AS TO FORM: ATTEST:
Peter G. Suri & 1 CITYATTORNEY Shelley B. George, C, CITY SEC ARY
Ordinance No. 2681-11-07, Page 2