Res 160-2006 12/19/2006 !
RESOLUTION NO. I C,�C�"�DO�D
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, APPROVING VARIOUS ECONOMIC DEVELOPMENT
INCENTIVE AGREEMENTS AND AUTHORIZING AMENDMENTS TO
THE WICHITA FALLS ECONOMIC DEVELOPMENT COROPORATION
2006-2007 BUDGET; FINDING AND DETERMINING THAT THE
MEETING AT WHICH THIS RESOLUTION WAS PASSED WAS OPEN
TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, The Wichita Falls Economic Development Corporation met on
November 27, 2006 to consider economic development incentive agreements with
Wichita Power Train, Carter Aviation Technologies and Texas Transland; and
WHEREAS, The Wichita Falls Economic Development Corporation has
recommended approval of the incentive agreements and corresponding budget
amendments to fund these agreements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. The attached Economic Development Incentive Agreements are
hereby approved.
SECTION 2. The Wichita Falls Economic Development Corporation's 2006-2007
Budget is hereby amended in the amount of $45,000 for Wichita Power Transmission,
$10,000 for Carter Aviation Technologies and $91,000 for Texas Transland.
SECTION 3. It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the day of 19 day of December, 2006.
��
MAYOR
ATTEST:
'ty Clerk
1
Memorandum of Understanding
November 27, 2006
This is a Memorandum of Understanding (MOU) between WPT Power Transmission
Corporation, Inc.(WPT) and the Wichita Falls Economic Development Corporation (WFEDC)
l. Definitions
Positions — is defined as a new full-time, benefit-eligible job, created or retained, and
whose wages are paid by the entity receiving benefits from this Understanding.
Base number of positions - is defined as the number of positions in place at the entity as of
the day of this Understanding.
Net new positions - is defined as positions in excess of the base number of positions that
resulted from a new project and that have been in place for a minimum of 6 months.
Verified Positions - is defined as either base, retained, or new positions that are used in the
calculation of a"cash for jobs" benefit and are verified by the entity providing appropriate
payroll documents.
2. The use of Section 4(a) Sales Tax proceeds will be contingent on the WFEDC's
recommendation and City Council's approval of the following tertns:
A. WPT's presentation to the WFEDC describing their intent to remain in Wichita Falls
and expand their operations by purchasing their existing leased facility and an
adjacent nine (9) acre parcel on which they will construct a 21,000 square foot
building and add new machinery for an estimated $750,000 in new taxable property.
WPT's proposed expansion will also result in the creation of up to 13 net new
positions.
� B. Within twelve (12) months of the day of this Understanding, WPT will make a
presentation disclosing the number of net new verified positions that have been
created and will receive payment for these position based upon the following
schedule:
Net Hourly Wages Payment per Job (Retained or New)
$ 9.00 to $10.00 $2,000
$10.01 to $11.00 $3,000
$11.01 to $14.00 $4,000
$14.01 and $17.00 $5,000
$17.01 and up $6,000
C. In the event that WPT ceases operations in Wichita County, Texas prior to twelve
(12) months from the date of receipt of any incentives payment, WPT shall, within
i
sixty (60) days of the date of cessation of operations, repay the WFEDC the full
amount of the incentive paid.
Wichita Falls Economic WPT Power Transmission Corporation, Inc.
Development Corporation
By: By:
Gary Shores Lane Brock
Chairman President
t
Memorandum of Understanding Carter Aviation Technology
November 27, 200G
This is a Memorandum of Understanding (MOU) between Carter Aviation Technology and the Wichita
Falls Economic Development Corparation (WFEDC�
1. The use of' Sectinn 4(a) St�les Tax proceeds will be contingent on the WFEDC's recommendataon
ancl City CounciPs approval of the following terms:
A. CAT's presentation to the WFEDC describing their intent ta remain in Wiehita Falis and
expand their operations in the event they are successful in coinmercializing some or all of
their technology.
B. In return fnr CA1"'s commitment to remain in Wichita Falts and seek ways to eYpand its
aperations towards a manufacturing facitity, the WFEDC will pay for 80% of a professional
analysis, not to exceed $10,000, c�esi�;ned to evaluate the value �f and identify commercial
inarkets for the various technologies inherent in the Carter Copter.
C. In the event that CAT relocates any of its research, development, and/or manufacturing
operations out of Wichita Caunty, or if CAT ceases operations in Wichita County prior to
twelve (12) m�nths from the date of receipt of any incentives payment, CAT sha11, within
sixty (60) days af the date of cessation of operations, repay the WFEDC the fu11 Funount af
the incentive paid.
Wichita Falls Economic Carter Aviation Technology
Development Corporation
h,
B //,���/_ ���---- B Cz
G Sh�(rres Jay Carter
Chairman President
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