Res 015-2021 WFEDC Panda Biotech Amendment 2/2/2021 Resolution No. 15-2021
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) by amending the
existing incentive agreement with Panda Biotech of up to$2, 800,000
related to their proposed purchase and operation out of the former
Delphi Plant on 1-44
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 June 18, 2020, the WFEDC approved the Project listed below and
as stated in its agenda; and,
WHEREAS, on January 26, 2021 the WFEDC met and approved modifications to
said project,
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 modified and described below and in said
corporation's agenda, are approved:
Panda Biotech Project:
• A total of up to $2,800,000 to be used for the location of the company
to the former Delphi Plant on 1-44 and the creation of up to 100 new
primary jobs. Specifically, the deal points include a 1 million dollar
loan to Company repayable within 6 months or upon the State's
issuance of bond funding. Upon said repayment, an increase in the
cash for jobs incentive from $350,000 to $2,350,000. The $300,000
relocation incentive as well as the $150,000 rail spur incentive
remain unchanged.
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 2nd day of February, 2021.
MAYOR
ATTEST:
_17(laitAL
City Clerk J