Res 163-2017 12/5/2017
Resolution No. _163-2017_
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) and amending
its budget to include up to $500,000 for Eagle Rail Car Services, to
expand their rail car refurbishment processes in Wichita Falls
WHEREAS, Texas Local Gov’t. Code § 501.073(a) provides “The corporation's
authorizing unit will approve all programs and expenditures of a corporation and
annually review any financial statements of the corpora tion”; and,
WHEREAS, on November 16, 2017, the WFEDC approved the Project listed
below and as stated in its agenda.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
1. The Wichita Falls Economic Development Corporation’s approval and funding
of the following programs and expenditures as described below and in said
corporation’s agenda, are approved:
Eagle Rail Car Services Project (Phase III):
Forgivable Loan ($350,000). A $350,000, 0% interest, forgivable
loan for a period of seven years for the purchase of a dual bridge
crane. The 4A Corporation will require a first lien position on this
equipment. For each year that the company creates and maintains
160 employees (32 additional positions), the loan will be forgiven
at the rate of $50,000 per year. At the end of year seven, the
company will own the equipment outright. If the company is unable
to create and maintain the jobs specified, the amount of the loan
not already forgiven will be repayable to the WFEDC.
Cash for Jobs ($150,000). The WFEDC will pay ERCS $4,687 for
each new position. The WFEDC will only pay for new positions one
time. Each new position must be filled by one or more employees
for a total period of not less than six months before ERCS may
petition the WFEDC for payment.
2. The current fiscal year budget of the WFEDC is amended to provide for the
aforementioned expenditures and changes thereto.
PASSED AND APPROVED this the 5th day of December, 2017.
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M A Y O R
ATTEST:
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City Clerk