Res 150-2022 Amending WFEDC Budget for Performance Agremeent with P&WC Aerospace, Inc 11/01/2022 Resolution No. 150-2022
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) and amending
the budget to include an up to $2,750,000 performance incentive to
P&WC Aerospace, Inc. (Pratt & Whitney) to assist in the company's
proposed new product line and employment expansion at the
existing Wichita Falls facility
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 October 20, 2022, 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's approval and funding
of the following programs and expenditures as described below and in said corporation's
agenda, are approved:
Pratt & Whitney Project:
A total of up to $2,750,000 performance incentive to P&WC Aerospace
(Pratt & Whitney) as part of the company's planned expansion at their
current location in Wichita Falls.
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 1st day of November, 2022.
x;firt__
MAYOR
ATTEST:
6171-Air
City Clerk