Res 161-2025 4A_4BLoanPayback 12/16/2025 Resolution No. 161-2025
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC/4A) and
authorizing the payback to the Wichita Falls Type B Sales Tax
Corporation (4B) of a $3,500,000 loan
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, Wichita Falls Type B Sales Tax Corporation, and the Wichita Falls City
Council all took appropriate actions to effect a $3,500,000 loan from the Wichita Falls
Type B Sales Tax Corporation to the Wichita Falls Economic Development Corporation
to facilitate the purchase of the Sikes Senter Mall property; and,
WHEREAS, on November 20, 2025, the Wichita Falls Economic Development
Corporation approved the payback of the loan to the Wichita Falls Type B Sales Tax
Corporation 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 the
payback to the Wichita Falls Type B Sales Tax Corporation (4B)of the subject$3,500,000
loan is approved.
2. The current fiscal year budget of the Wichita Falls Economic Development
Corporation and the Wichita Falls Type B Sales Tax Corporation are amended to provide
for the aforementioned changes thereto.
PASSED AND APPROVED this the 16th day of December, 2025.
MAYOR
ATTEST:
City Clerk