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Resolution of the City Council Designating One or More
Eligible Blighted Areas; Making the Findings Required
by the Rules of the Texas Industrial Commission; and
Containing Other Matters gelating to the Subject
WHEREAS, by resolution of the City Council (the "Governing
Body"), the City of Georgetown (the "Unit" or the "City"), author-
ized and approved the creation of the Georgetown Industrial De-
velopment Corporation (the "Corporation") as a nonprofit industri-
al developmer;t corporation under the provisions of the Development
Corpora;:ion Act of 1979, Article 5190.6, Vernon's Annotated Texas
Civil Statutes, as amended (the "Act"); and
WHEREAS, the Corporation is authorized by the Act to issue
bonds on behalf of the Unit for the purpose of paying all or a
part of the costs of a "project" as defined in the Act, and to
lease or sell the project or to loan the proceeds of the bonds to
finance all or part of the costs of a project; and
WHEREAS, the definition of "project" in the Act includes the
00 land, buildings, equipment, facilities and improvements (one or
CD more) found by the Board of Directors of the Corporation to be re -
%Q' quired or suitable for the promotion of commercial development and
Ur expansion and in furtherance of the public purposes of the Act, or
Q for use by commercial enterprises, all as defined in the Rules of
the Texas Industrial Commission (the "Commission"), irrespective
Q or whether in existence or required to be acquired or constructed
thereafter, if such project is located in blighted or economically
depressed areas; and
WHEREAS, as used in the Act, the term "blighted or economi-
cally depressed areas" means those areas and areas immediately ad-
jacent thereto within a city which by reason of the presence of a
substantial number of substandard, slum, deteriorated, or deterio-
rating structures, or which suffer from a high relative rate of
unemployment, or which have been designated and included in a tax
incremental district created under Chapter 695, Acts of the 66th
Legislature, Regular Session, 1979 (Article 1066d, Vernon's Texas
Civil Statutes), or any combination of the foregoing, the city
finds and determines, after a hearing, substantially impa;r or
arrest the sound growth of the city, or constitute an economic or
social liability and are a menace to the public health, safety or
welfare in their present condition and use; and
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