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Res 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