A tax increment reinvestment zone to be named "Reinvestment Zone Number One, City of San Angelo" is hereby created and is intended to preserve the near- and long-term integrity of the economic and social investment in the designated area and is needed to encourage additional new projects within the designated area of the city.

(1996 Code, sec. 12.901; Ordinance adopted 12-19-06, § 1)

The "Reinvestment Zone Number One, City of San Angelo" boundaries are designated to include only that territory described in exhibit A [published in section 12.09.005], incorporated herein for all purposes, consisting of 1331 acres, more or less, located centrally within the corporate limits of the city.

(1996 Code, sec. 12.902; Ordinance adopted 12-19-06, § 1; Ordinance adopted 12-12-11; Ordinance adopted 1-3-12)

There is hereby created a tax increment reinvestment zone board, which shall act in an advisory capacity to the city council.

(1996 Code, sec. 12.903; Ordinance adopted 12-19-06, § 1)

The tax increment reinvestment zone shall be in existence for a term of 30 years beginning December 15th, 2006, and ending December 15th, 2036.

(1996 Code, sec. 12.904; sec. 1, Ordinance adopted 12-19-06)

(1996 Code, sec. 12.902; Ordinance adopted 12-19-06, § 1; Ordinance adopted 12-12-11; Ordinance adopted 1-3-12)