Res 012-2023 Amendment to Existing Agreement Between WFEDC and P&W Aerospace 01/17/2023 Resolution No. 12-2023
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) and amending
the existing performance agreement of up to $2,750,000 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 January 12, 2023, 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:
Amendment to the existing agreement between the WFEDC and P&WC
Aerospace (Pratt & Whitney) to provide for minimum annual full-time
employee milestones as described in "Exhibit A".
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 17th day of January 2023.
/r4Y1—
MAYOR
ATTEST:
r;/
City Clerk
Exhibit A
rYEAR I FULL TIME POSITIONS
202
2025 _ 145
2026 148
2027 151
2028 153
2029 155