R426CITY OF KENNEDALE, TEXAS
RESOLUTION NO. 426
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
KENNEDALE, TEXAS, APPROVING A TIRZ DEVELOPMENT
AGREEMENT BY AND BETWEEN THE CITY OF KENNEDALE,
TEXAS, THE BOARD OF DIRECTORS OF "REINVESTMENT ZONE
NUMBER ONE, - NONCONTIGUOUS GEOGRAPHIC AREAS, NEW
HOPE ROAD AND BLOXOM ROAD, CITY OF KENNEDALE," AND HM
REAL ESTATE MANAGEMENT, LTD.; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of Kennedale, Texas (the " City "), pursuant to Chapter 311 of the
Texas Tax Code, as amended (the "Act "), may designate a geographic area within the City as a
tax increment reinvestment zone if the area satisfies the requirements of the Act; and
WHEREAS, on July 12, 2012, the City Council adopted Ordinance No. 506 designating
two noncontiguous geographic areas in the City's corporate limits as Tax Increment Reinvestment
Zone Number One - Noncontiguous Geographic Area, New Hope Road and Bloxom Road, City
of Kennedale (the " Zone "); and
WHEREAS, pursuant to and as required by the Act the Board of Directors of the Zone
approved Tax Increment Reinvestment Zone Number One - Noncontiguous Geographic Area,
New Hope Road, Project Plan (the " Project and Finance Plan "); and
WHEREAS, on June 3, 2014, the City Council adopted Ordinance No. 548 adopting the
Project and Finance Plan; and
WHEREAS, the City Council hereby finds and determines that the adoption of this
Resolution, approving the TIRZ Development Agreement authorizing reimbursement of costs
incurred by HM Real Estate Management, Ltd. in accordance with the Act and the Project and
Finance Plan, is in the best interests of the citizens of the City of Kennedale, Texas.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF KENNEDALE, TEXAS:
SECTION 1. The recitals, findings, and determinations contained in the preamble to this
Resolution are incorporated into the body of this Resolution as if fully set forth herein and are hereby
found and declared to be true and correct legislative findings and are adopted as part of this
Resolution for all purposes.
SECTION 2. The City Council hereby approves the TIRZ Development Agreement, a
copy of which is attached hereto as Exhibit A , and is incorporated herein for all purposes.
by law.
SECTION 3. This Resolution shall take effect immediately upon its passage as provided
TIRZ Development Agreement - Page 1
2321.002\39839.8
PASSED, APPROVED, AND ADOPTED on the 3 day of June, 2014.
City of Kennedale, Texas
KENAI
Brian Johnson
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Mayor, City of Kennedale
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Amethyst G. Slooe
City Secretary, City of Kennedale
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2321.002\39839.8