Res 090-2025 approving the programs and expenditures of the WFEDC4A and approving a $3,500,000 performance agreement with the Wichita Falls 4B Sales Tax Corporation related to a destination retail and sports facil Resolution No. 90-2025
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC/4A) and approving
a $3,500,000 performance agreement with the Wichita Falls 4B Sales
Tax Corporation related to a destination retail and sports facilities land
acquisition project located at 3111 Midwestern Parkway, Wichita Falls,
Texas; authorizing the purchase of 3111 Midwestern Parkway from
Sikes Senter Mall Realty Holding LLC for up to $28,000,000; and
authorizing the execution of documents for the financing totaling up
to $19,000,000 for the purchase of 3111 Midwestern Parkway
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 August 14, 2025, the Wichita Falls Economic Development
Corporation adopted Resolution 90-2025 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
90-2025 and the findings attached thereto, and funding of the following programs and
expenditures in a total amount not to exceed $28,000,000 as described below and in said
corporation's agenda, is approved:
A $3,500,000 performance agreement with the Wichita Falls 4B Sales
Tax Corporation related to a destination retail and sports facilities land
acquisition project located at 3111 Midwestern Parkway, Wichita Falls,
Texas; authorizing the purchase of 3111 Midwestern Parkway from
Sikes Senter Mall Realty Holding LLC for up to $28,000,000; and
authorizing the execution of documents for the financing totaling up
to $19,000,000 for the purchase of 3111 Midwestern Parkway;
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 90-2025, including the findings and articles attached thereto and
adopted by the Wichita Falls Economic Development Corporation on August 14, 2025, is
adopted as part of this City Council Resolution in their entirety.
PASSED AND APPROVED this the 14th day of August 2025.
MAYOR
ATTEST:
B
City Clerk