Res 048-2018Resolution No. 48-2018
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) and amending
the budget to include up to $1,250,000 for Sealed Air Corporation,
Cryovac Division to purchase equipment needed to retain primary
jobs
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 corporation"; and,
WHEREAS, on April 19, 2018, 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:
A $1,250,000, No Interest, Forgivable Loan to the company for a
period of seven years for the acquisition of a "Vision System" that
will be used in conjunction with their printers to inspect the quality
of print being placed in their labels, and one Uninterruptable Power
Supply (UPS).
The 4A Corporation would require a first lien position on this
equipment.
For each year that the company creates and maintains 450 jobs at
the two regional plants, the loan would be forgiven at the rate of
14.29% per year. At the end of year seven, the company would
own the equipment outright. If the company is unable to create and
maintain the jobs specified, the amount of the loan not already
forgiven would be repayable to the City.
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 1St day of May, 2018.
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MAYOR
ATTEST:
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