Res 058-2018 WFEDC budget amendment and expenditure to Magic Aire 6/5/2018
Resolution No.
58-2018
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) and amending
the budget to include up to $500,000 for MA Acquisition Co., LLC
(Magic Aire)
WHEREAS, t. Code § The corporation's
authorizing unit will approve all programs and expenditures of a corporation and
annually review any financial statements of the corporation
WHEREAS, on May 17, 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
funding of the following programs and expenditures as described below
aare approved:
MA Acquisition Co., LLC (Magic Aire).
7-Year Forgivable Loan to Purchase Equipment.
The WFEDC
will pay Magic Aire $500,000 to purchase equipment needed for
establishment of a new coil business line. This amount would be
forgiven over 7 years in return for creating and maintaining 20 jobs
over a 3-year phase-in period. The WFEDC will retain collateral on
the loan with the value of the equipment purchase. This incentive
agreement will be subject to a performance agreement in a form to
be approved by the City Attorney.
2. The current fiscal year budget of the WFEDC is amended to provide for the
aforementioned expenditures and changes thereto.
th
PASSED AND APPROVED this the 5 day of June, 2018.
______________________________
M A Y O R
ATTEST:
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City Clerk