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BE IT ENACTED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, STATE OF ARKANSAS, AN ORDINANCE TO BE ENTITLED:
AN ORDINANCE RATIFYING, CONFIRMING AND SUPPLEMENTING ORDINANCE NO. 3480 AND ORDINANCE NO. 3501, ADOPTING A SECOND 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 the Turtle Creek District (the “District Boundaries”), approving the Turtle Creek District’s Project Plan (the “Project Plan”), creating, establishing, and designating the Turtle Creek District of Jonesboro, Arkansas #1 Special Fund (the “Special Fund”), and authorizing the issuance of the City’s 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 of the City; and
WHEREAS, the City, upon its own initiative and upon request by the Developer, adopted Ordinance No. 3501 on December 20, 2004 (the “First Amending Ordinance”) ratifying, confirming and supplementing Ordinance No. 3480 and adopting an Amendment to the Project Plan regarding the Pledged Parcels (as that term is defined in the Project Plan), specifying the termination date of the Turtle Creek District, and redesignating the Series 2004 TIF Bonds as the “Series 2005 TIF Bonds;” and
WHEREAS, the City, upon its own initiative and upon r...
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