HomeMy WebLinkAboutRes 88-17 Consider and Enact a Planned Development District Ordinance for the Project GalaxyRESOLUTION NO. 17-88
A Resolution Declaring That the Town of Westlake, Texas Elects
to Become Eligible to Participate in Tax Abatement in Accordance
With the Property Redevelopment and Tax Abatement Act (Article
1066f of Vernon's Texas Civil Statutes).
WHEREAS, the enhancement of the local economy is in the best interest
of the citizens of Westlake, Texas; and
WHEREAS, the creation of specified tax abatement zones will be
reasonably likely to contribute to the expansion of
primary employment or to attract major investment
that would be a benefit to the property and that would.
contribute to the economic development of the Town of
Westlake; and
WHEREAS, the passage of Senate Bili 1225 amended the Property
Redevelopment and Tax Abatement Act to allow cities to
establish local criteria for the creation of tax abatement
zones; NOW, THEREFORE,
BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS,
THAT the Town of Westlake does hereby elect to become eligible
to participate in tax abatement;
THAT the criteria and guidelines governing tax abatement
agreements shall be designated by the Town of Westlake;
THAT the criteria and guidelines will include a fifty (50) percent
tax abatement for a fifteen (15) year time period fo the Project
Galaxy land and improvements;
THAT the Town of Westlake has no intent of enacting a significant
sales tax or property tax structure in the near future;
THAT the Town of Westlake will consider the adoption of an official
thoroughfare plan for the town which would meet the needs of the Project
Galaxy and is amenable to naming one of the streets "Galaxy Boulevard"; and
THAT the Town of Westlake will consider and enact a Planned Development
District Ordinance for the Project. Galaxy which is designed to achieve
the goals of the Project while being compatible with the IBM Planned
Development District as well as the surrounding area of Westlake.
Passed and Approved this 12th day of September, 1988,
ATTEST:
GERRY HITE, TOWN SECRETARY
DALE WHITE, MAYOR
TOWN OF WESTLAKE