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RESO 1987-08 - Ravenwood Tax AbatementA RESOLUTION NO. 87- 8 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS, CONCERNING AN ASSURANCE OF TAX ABATEMENT FOR THE PROPOSED RAVENWOOD PROJECT; AND MAKING OTHER FINDINGS AND PROVISIONS RELATED THERETO. WHEREAS the City Council of the City of Huntsville, Texas, has previously considered a proposal to develop the Ravenwood Project, a 150 room hotel /conference center complex with adjacent commercial and residential development; and WHEREAS the City Council desires to designate a part of the area of the proposed Ravenwood Project as a reinvestment zone pursuant the provisions of Texas Revised Civil Statute article 1066f; and WHEREAS the City Council desires to exempt from taxation a part of the value of the property in said zone for a five year period; and WHEREAS to provide such abatement the City and Developer must enter into a written agreement including provisions for: 1. listing the kind, number and location of all proposed improvements of the property; 2. access to and inspection of property by municipal employees to ensure that the improvements are made according to the specifications and conditions of the agreement; 3. limiting the uses of the property consistent with the general purpose of encouraging development during the period that property tax exemptions are in effect; 4. recapturing property tax revenue lost as a result of the agreement if the owner fails to make the improvements provided by the agreement; and WHEREAS to provide such abatement City Council must find that the improvements sought are feasible and practical and would be a benefit to the land in the reinvestment zone and to the City after the agreement has expired; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS, THAT: SECTION 1: The City Secretary is hereby directed to publish notice of hearing for and against the designation of the area of the proposed Ravenwood Project as a reinvestment zone. SECTION 2: The City Manager and City Attorney are hereby directed to: (a) prepare an ordinance designating the area as a reinvestment zone; and (b) prepare an agreement consistent with the preamble of this resolution and the provisions of Texas Revised Civil Statute article 1066f. Such agreement shall generally abate all taxes for those hotel and conference center improvements included in the zone beginning January 1 of the year following completion of the improvements contemplated by the proposed agreement, and reducing the abatement by twenty percent per year for five years until there is no abatement. SECTION 3: This resolution shall take effect immediately. PASSED AND APPROVED on this the i/,4 day of 4.3 LIST-, 1987. ST: DeShaw, City Secretary CITY OFIHUNTSVILLE, TEXAS By 4.4 _ Jane ' onday, Mayor