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