Title
Consider approving Resolution No. 2017-024 appointing the Board of Directors for the Tax Increment Reinvestment Zone No. 3 Board; and take appropriate action.
Body
BACKGROUND:
The City Council adopted Ordinance No. 3400, at the November 1, 2016, City Council meeting, establishing the Tax Reinvestment Zone No. Three (TIF No. 3). Tonight the City Council is approving Resolution No. 2017-024 authorizing the City Council to appoint members to the Tax Increment Financing Reinvestment Zone No. 3, effective immediately.
The following are four (4) proposed Resolutions for City Council to select for the Board of Director appointments:
Option 1 - Resolution No. 2017-024, Version 1, proposes appointing the Mayor and City Council to serve as the Board of Directors for a two year term.
Option 2 - Resolution No. 2017-024, Version II, proposes appointing the Mayor, City Council and City Manager be appointed to serve on the Board of Directors for a two (2) year term.
Option 3 - Resolution No. 2017-024, Version III, proposes appointing four (4) City Council members and three (3) members to serve on the Board of Directors for a two (2) year term.
Option 4 - Resolution No. 2017-024, Version IV, proposes appointing seven (7) members to serve on the Board of Directors for a two (2) year term.
The Chairperson of the Board of Directors shall serve for a one year term beginning January 1, 2017. The Board of Directors may elect a Vice-Chair to preside in the absence of the Chairperson or when there is a vacancy in the office of Chair.
DISCUSSION:
The City Council shall appoint members to serve on the Tax Increment Reinvestment Zone No. 3 as Board of Directors.
RECOMMENDATION:
City Administration recommends selecting a version and approving Resolution No. 2017-024.
ATTACHMENTS:
1. Resolution No. 2017-024 Version I, (Appoints Mayor & Council)
2. Resolution No. 2017-024 Version II, (Appoints Mayor, Council & City Mgr.)
3. Resolution No. 2017-024 Version III, (Appoints...
Click here for full text