Res 081-2021 4B Budget Amend OH-Wichita Falls LLC Performance Agreement 08/03/2021 Resolution No. 81-2021
Resolution approving the programs and expenditures of the Wichita
Falls Type B Sales Tax Corporation (4BSTC) Board of Directors and
amending the budget to provide for a $2 million forgivable loan and
sales tax rebates in the form of a performance agreement between the
4BSTC and OH-Wichita Falls, LLC (developer), related to the
acquisition and construction by developer of a new full-service
convention center hotel facility in the City of Wichita Falls
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 July 19, 2021, the Wichita Falls 4B Sales Tax Corporation (4BSTC)
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 4B Sales Tax Corporation's approval and funding of the
following programs and expenditures, as described below and in said Corporation's
agenda, is approved:
Consider and approve a resolution of the Wichita Falls 4B
Sales Tax Corporation authorizing the 4B President to
execute a performance agreement, in a form approved by
the Board's attorney, with OH-Wichita Falls, LLC, which
would provide for a $2 million forgivable loan and sales tax
rebates related to the acquisition and construction by
developer of a hotel and a new full-service convention
center hotel facility in the City of Wichita Falls.
2. The current fiscal year budget of the 4B Sales Tax Corporation is amended to
provide for the aforementioned expenditures and changes thereto.
PASSED AND APPROVED this the 3rd day of August, 2021.
ATTEST: *L., Ye44,14---
MAYOR
City Clerk