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Council approves interlocal agreement tying LGC to TIRZ No. 1 operations
Summary
Council approved an interlocal cooperation agreement that formalizes how the Weatherford LGC, the TIRZ No. 1 board and the city will coordinate daily operations, with council retaining authority over budgets and debt.
The council approved an interlocal cooperation agreement that defines how the city, the TIRZ No. 1 board and the newly created Weatherford Local Government Corporation will work together. Ashley Siler explained the agreement would put the working relationship in writing and make the LGC responsible for managing daily operations of TIRZ No. 1 while preserving council authority over debt and budgets.
"Under this agreement, the LGC would manage the daily operations of TIRZ 1 and carry out the existing project and financing plan for infrastructure and development projects," Siler said, adding that the council must approve all debt and that the LGC's annual budget will be approved by the council. Siler also said there is no immediate financial impact from approving the agreement.
Luke Williams moved to approve the interlocal agreement and the motion was seconded (transcript records the second by Matt Tiscus); the council then voted to approve the agreement. Staff described the two actions (LGC creation and the interlocal agreement) as creating a tool to prepare for future projects while ensuring transparency and council control.
