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Board approves interlocal cooperation agreement to govern new Weatherford LGC
Summary
The board approved an interlocal cooperation agreement among the City of Weatherford, the TIRZ No.1 board, and the Weatherford LGC No.1, which staff said simply formalizes operations while keeping financial controls, audits and council approvals in place; Mayor Pro Tim Smith moved the item and Heidi Walter seconded.
The TIRZ No.1 board approved an interlocal cooperation agreement that defines how the City of Weatherford, the TIRZ board and the recently authorized Weatherford Local Government Corporation No.1 will work together. Mayor Pro Tim Smith moved to approve the agreement and Heidi Walter provided the second; the board voted to adopt the agreement.
Ashley Seiler told the board the agreement "simply puts that working relationship in writing," and that the LGC would manage daily operations of TIRZ No.1 and carry out the existing project and financing plan while major decisions, debt approvals and the annual budget would remain subject to council approval. Seiler also said there was no immediate financial impact from approving the agreement and that any future financial activity would be tied to TIRZ funds and return to council for approval.
When a council member asked how accountability would be evaluated and monitored, Dawn (city staff) replied: "This LGC... will be treated exactly like any other city fund — it'll be shown in our financial statements... it'll be subject to all of our procedures, our policy procedures and state laws that we have to follow." She confirmed audits and public reporting would apply. The board approved the interlocal agreement after that clarification.
