Res 093-2010 8/17/2010 RESOLUTION NO. 93-2010
Resolution Approving The Programs And Expenditures Of The
Wichita Falls Economic Development Corporation (WFEDC), And
Amending The Budget As Appropriate
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 or prior to this date, the Wichita Falls Economic Development
Corporation approved the project listed below 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, is approved:
Excalibur Paint & Coatings Retention & Expansion Project — Proposed incentives for
Excalibur Paint & Coatings, Ltd. and related entities, in an amount of up to $1,500,000 in working
capital to provide funds for the "costs" for land, buildings, equipment, facilities, expenditures, and
improvements of Excalibur's paint manufacturing facility at 1116 E. Scott Ave. and other locations
in Wichita County
2. The current fiscal year budget of the Wichita Falls Economic Development
Corporation is amended in accordance with the aforementioned expenditures and
changes thereto.
PASSED AND APPROVED this the 17th day of August, 2010.
CAL-,
MAYOR
ATTEST:
y Clerk