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Council creates Weatherford Local Government Corporation to support TIRZ projects
Summary
Council voted to create the Weatherford Local Government Corporation No. 1, a city-controlled nonprofit intended to provide financing and development tools for projects in Tax Increment Reinvestment Zone No. 1; staff emphasized the LGC will not remove council authority or bypass transparency requirements.
The Weatherford City Council voted to establish Weatherford Local Government Corporation No. 1 as a financing and development tool to support projects in Tax Increment Reinvestment Zone (TIRZ) No. 1. Ashley Siler, the city's director of economic development, described the LGC as a nonprofit entity created under state law that would be wholly controlled by the city and governed by a board appointed by council.
"An LGC is a nonprofit entity created by the city under state law. It is wholly controlled by the city, governed by a board, appointed by council, and must operate in alignment with council approved objectives," Siler said, stressing that "an LGC does not remove council authority. It does not bypass transparency requirements, and it does not obligate the city to any project or expenditure." She said any future use of the LGC would require council direction and approval.
The council moved and seconded the resolution to create the LGC (motion by Luke Williams; second by Mayor Pro Tem Smith) and voted to approve it. Siler said the board would consist of the mayor, four council members and the city manager as president, and that finances would be audited and reported publicly. The action was framed as creating a tool rather than a commitment to specific projects.
