Within the City Limits of Pearland, Texas, As Tax Increment Reinvestment Zone No
ORDINANCE NO. 918 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS, ADOPTING THE PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN AS APPROVED BY THE BOARD OF DIRECTORS OF CITY OF TAX INCREMENT REINVESTMENT ZONE NO. 2 ( " TIRZ "), SEVERABILITY CLAUSE; PEARLAND, TEXAS; CONTAINING A PROVIDING AN EFFECTIVE DATE; AND CONTAINING FINDINGS AND PROVISIONS RELATED TO THE FOREGOING SUBJECT. WHEREAS, pursuant to Chapter 311 of the Texas Tax Code and City of Pearland Ordinance No. 891, the City has designated a contiguous geographic area within the City limits of Pearland, Texas, as Tax Increment Reinvestment Zone No. 2 and created a board of directors to make recommendations to the City Council concerning the administration of the zone; and of the Texas Tax Code, the WHEREAS, pursuant to Section 311. 011 PLAN AND and adopted a PROJECT TIRZ Board of Directors prepared REINVESTMENT ZONE FINANCING PLAN for the TIRZ, and have submitted such plans to the City Council for its approval; and WHEREAS, in connection with the creation of the Shadow Creek Ranch Zone, the City Council determined that, because of the unavailability of necessary public the Shadow Creek Area is improvements, poor drainage and other conditions, unproductive, underdeveloped and blighted, and it is therefore necessary to approve the PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN to remedy such conditions; and 1 ORDINANCE NO. 918 WHEREAS, the PROJECT PLANAND REINVESTMENTZONE FINANCING PLAN master -planned enable the orderly development of a quality, mixed -use, in -city, community which will act as a self- sustaining tax base for the City; and WHEREAS, the PROJECTPLANAND REINVESTMENT ZONE FINANCING PLAN will allow the developer to advance funds for the improvements to the reinvestment zone and provide for reimbursement to the developer; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS: Section 1.
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