Res 039-2025 Amending the WFEDC Budget for Real Estate Acquisition 04/01/2025 Resolution No. 39-2025
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (4A) and amending the
budget to include funding up to $500,000 to the Wichita Falls Chamber
of Commerce to seek opportunities for real estate acquisition
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 March 20, 2025, the Wichita Falls Economic Development
Corporation adopted Resolution 03-2025 approving 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 of Resolution
03-2025 and the findings attached thereto, and funding of the following programs and
expenditures in a total amount not to exceed $500,000 as described below and in said
corporation's agenda, is approved:
up to $500,000 to the Wichita Falls Chamber of Commerce to seek
opportunities for real estate acquisition.
2. The current fiscal year budget of the Wichita Falls Economic Development
Corporation is amended to provide for the aforementioned expenditures and changes
thereto.
3. Resolution 03-2025, including the findings and articles attached thereto and
adopted by the Wichita Falls Economic Development Corporation on March 20, 2025, is
adopted as part of this City Council Resolution in their entirety.
PASSED AND APPROVED this the 1st day of April 2025.
MAYOR
ATTEST:
tIrAlglar-
City Clerk
Resolution 03-2025
Resolution approving a $500,000 performance agreement with the
Wichita Falls Chamber of Commerce related to a retail land
acquisition project
WHEREAS, the Wichita Falls Economic Development Corporation and the Wichita
Falls Chamber of Commerce desire to enter into a performance agreement to allow for
the purchase of land to facilitate commercial retail in the city; and
WHEREAS, on this date, testimony was given, and documentary evidence was
proffered and accepted by this Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE WICHITA FALLS ECONOMIC
DEVELOPMENT CORPORATION, THAT:
1. The evidence presented to the Corporation is accepted and hereby made an
official part of the minutes of this meeting, to be included in the official meeting
minutes.
2. The Findings, as shown in Exhibit A of this resolution, are based on evidence
and testimony presented to the Corporation and are hereby officially adopted.
The WFEDC finds them to be true and accurate and shall be made part of the
official minutes of this meeting.
3. The approval and funding of $500,000 for the commercial retail land project is
approved.
4. Upon receiving approval from the Wichita Falls City Council, President Leo
Lane is authorized to execute this agreement in a form approved by the Board
Attorney.
PASSED AND APPROVED this the 20th day of March 2025.
PRESIDENT
ATTEST:
\-19)
Se tary
Fir'rµii7jti
Made by the Wichita Falls Eton Dn is Development Corporation.
On th :s. The 20 Day of Vcr^h. ; .: _.: uC discussior to determio:.
whether This 3oard shouia su p ,. : ; . u :: - - p ! l be !Iseii
as a desk ration iia:ail s to located w.r..1. the city limits :. .._ amount of
The WFEDC Board heard testimony and received evidence, which was admitted and made
a part of the official record oy the meeting. The WFEDCmakes the following findings based en
the testimony and evidence received:
1- Retail availability plays a pivotal role in fostering community growth and supporting the
creation of primary jobs.
2- Communities with diverse and accessible retail options are more appealing to
prospective businesses that employ primary jobs.
3- In Wichita Falls, expanded retail availability can enhance the city's livability and
attrac:iveness for new primary job rrdustries.
4_ Sheppard Air Force Base plays a crucial role ,n Inc local economy, and retail growth
directly supports its operations and personnel. Ern:ianlced retail options can improve the
qual:y of life far service members and their families, making Wichita Falls a more
desirable assigr7"ent location_
5_ In Wichita Falls, Texas. retail growth supports Sheppard Air Force Base and its
missions.
6- Texas Local Government Code §EO1.1C' specTically allows for the fundir.;
.he creation oe re:eri:ion of primary jobs. and that is found by the \.k FEC:D:_. E..;:arc tc
be required or suitable for the develapmen:. retention, or exparsior: o!' m:.ir°t f. c.t•.. irrg
and industrial facilities crreaing or reta,ning prmary° ,00s. This Board finds :I°r..: the
destination reta si:e project meets :his requiremen: and 117a1 the project w II help
promote and retain orirrlay jobs r Wichita Falls.
7_ Texas Local Government Code §501e141 specifically allows for the funding of land ih-al
is `or :he creation nr re ention of primary jobs, and tbait is found by the VVFE.DC Boaro ire
be required or sL.nitabie for the development, retention, Ur e gparsion of military fac litios
to help or sI„ppor,an active military base and attract new military r issions. The WFEIDC
Board finds that the destination retail site project will support de missions of Sheppard
Air Force Base in Wichita Falls and will help bring in new military missions to the base,
WFEDC Findings - References
1- "Tie Inclusive Economic Impacts of Downtown Public Space Investments"
The Brookings institute
Anna Love and Caiilean Kok
717/2.021
2.. "Economic Impact of Shopping Centers"
International Cor.incil of Shopping ConTors
2014
3. "The Future of Cities—R renvisioning Retail°,
National League of Cities
2021
Lean Geraghty, Tina Lee, & Brooks Rainwater
4. "From Vacant to Vibrant: C ty (Projects"
US. Real Estate insider
5- "Community Support Essential for Military Installations, DOD Official Says"
U.S. Department ofDefer'se
9.11212 019
David Vergun
6, "Economic Analysis: Minot Air Force cn tic City of Minot"
Bomb Wing Pubic Affa •:
AiTnan 1r Mass Wesley IL.
7. "The Economic Impact of Military Base Closures :roc i"r'Ctrr,PPO ARea'.
obai...Lc 1r rai of Accoulr tin at'_ _=
2017
Jamie Amos— Harr ___•' IJl%/ers t-
S. "Military' Impact or State Economic.'
i'v C SL
Tlie Berensa Div Held ar (.1 What is i'i.ea^is 1 . Cit es
i i e Nei,. : ::
10/19.2t:
Bruce I<,` h, i� : 7'i,a a: .;