Res 065-2006 5/2/2006 RESOLUTION NO. 1.�� � ��
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, URGING THE LEGISLATURE OF THE STATE OF
TEXAS TO RESTORE THE FRANCHISE TAX CREDITS AS AN
ECONOMIC DEVELOPMENT INCENTIVE TOOL; FINDING AND
DETERMINING THAT THE MEETING AT WHICH THIS RESOLUTION
WAS PASSED WAS OPEN TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, The 2003 legislature voted to discontinue the Franchise Tax credits
effective January, 2005 and with this action eliminated these credits as an economic
development incentive tool, and
WHEREAS, PPG Industries was poised to invest $40 million in a high technology
glass coating facility in Illinois, Mexico, or Texas, and the Wichita County location was
second and perhaps third choice unless the community could write down approximately
$4 million in operating costs, and
WHEREAS, Wichita Falls participated by approving a property tax abatement as
part of an incentive package totaling $3.8 million of which the Franchise Tax credit
represented an estimated $1.8 million, and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1 . The Franchise Tax credit should be restored by the upcoming State
of Texas Legislature so as to restore these credits as an economic development
incentive tool.
SECTION 2. 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 2nd day of May, 2006.
MAY R
ATTEST:
ity Clerk