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AN ORDINANCE RATIFYING, CONFIRMING AND SUPPLEMENTING ORDINANCE NO. 3480, ADOPTING AN AMENDMENT TO THE PROJECT PLAN FOR THE TURTLE CREEK REDEVELOPMENT DISTRICT OF THE CITY OF JONESBORO, ARKANSAS #1; AND FOR OTHER PURPOSES.
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WHEREAS, the City of Jonesboro, Arkansas (the "City"), upon its own initiative and upon request by TURTLE CREEK PARTNERS, LLC, an Arkansas limited liability company and property owner within the City (the "Developer"), adopted Ordinance No. 3480 on July 19, 2004 (the "Creating Ordinance"), creating The Turtle Creek Redevelopment District of the City of Jonesboro, Arkansas #1 (the "Turtle Creek District"), designating the boundaries of Turtle Creek District (the “District Boundaries”), approving the Turtle Creek District’s Project Plan (the “Project Plan”) and authorizing the issuance of “City of Jonesboro, Arkansas Tax Increment Financing Revenue Redevelopment Bonds (Turtle Creek Redevelopment District Project), Series 2004" in the aggregate principal amount of not to exceed $20,000,000 (the "Series 2004 TIF Bonds"), with the final amount and terms of the Series 2004 TIF Bonds subject to the further approval by Resolution of the City Council; and
WHEREAS, the City, upon its own initiative and upon request by the Developer, and further pursuant to the provisions of Amendment No. 78 to the Constitution of the State of Arkansas and the provisions of Ark. Code Ann. §§ 14-168-301 et seq. (the "Authorizing Legislation"), including particularly Ark. Code Ann. § 14-168-307, desires to, by this Ordinance: (i) adopt an amendment to the Project Plan regarding the Pledged Parcels (as that term is defined in the Project Plan); (ii) specify the termination date of Turtle Creek District (collectively, the "Supplemental Action"); and
WHEREAS, the City held a public hearing at which all interested parties desiring to be heard in connection with the Supplemental Action were afforded a reasonable opportunity to express their views (the "Hearing"...
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