Res 134-99 11/16/1999RESOLUTION NO. r ` q9
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, TO NOMINATE BUDGET GROUP, INC. AS AN
ENTERPRISE ZONE PROJECT TO BE SUBMITTED TO THE TEXAS
DEPARTMENT OF ECONOMIC DEVELOPMENT; DETERMINING THAT
THE MEETING AT WHICH THIS RESOLUTION WAS PASSED WAS
OPEN TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, the Texas Department of Economic Development ( "TDED ")
designated the City of Wichita Falls North Enterprise Zone (the "Zone ") on June 27,
1991;
WHEREAS, TDED authorized an expansion of the Zone by a letter dated
October 18, 1999 where such Zone expansion is intended to allow the Budget Group,
Inc. to apply for nomination as an enterprise project;
WHEREAS, TDED will consider Budget Group, Inc. as an enterprise project
pursuant to a nomination and an application made by the City of Wichita Falls, Texas
(the "City ");
WHEREAS, the City desires to pursue the creation of the proper economic and
social environment in order to induce the investment of private resources in productive
business enterprises located in the Zone and to provide employment to residents of the
Zone and to other economically disadvantaged individuals;
WHEREAS, pursuant to Chapter 2303, Subchapter F of the Texas Enterprise
Zone Act, Texas Government Code (the "Act "), Budget Group Inc. has applied to the
City for designation as an enterprise project;
WHEREAS, the City finds that Budget Group, Inc. meets the criteria for
designation as an enterprise project under Chapter 2303, Subchapter F of the Act on
the following grounds:
1. Budget Group, Inc. is a "qualified business" under Section 2303.402 of the
Act since it will be engaged in the active conduct of trade or business in
the Zone and at least twenty -five percent (25 %) of the business' new
employees will be residents of a Zone within the City's jurisdiction or
economically disadvantaged individuals;
2. Budget Group, Inc. is located in the Zone which has an unemployment
rate of not less than one and one -half (1-112) times the state
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unemployment rate;
3. There has been and will continue to be a high level of cooperation
between public, private, and neighborhood entities within the Zone; and
4. The designation of Budget Group, Inc. as an enterprise project will
contribute significantly to the achievement of the plans of the City for
development and revitalization of the Zone;
WHEREAS, the City finds that Budget Group, Inc. meets the criteria for tax relief
and other incentives adopted by the City and nominates Budget Group, Inc. on the
grounds that it will be located wholly within the Zone and it will create a higher level of
employment, economic activity and stability; and
WHEREAS, the City finds that it is in the best interest of the City to nominate
Budget Group, Inc. as an enterprise project pursuant to the Act.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. Budget Group, Inc. is a "qualified business," as defined in Section
2303.402 of the Act, and meets the criteria for designation as an enterprise project, as
set forth in Section 2303, Subchapter F of the Act.
SECTION 2. The enterprise project shall take effect on the date of designation
of the enterprise project by TIDED and terminate five (5) years after that date of
designation.
SECTION 3. It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 16th day of November 1999.
ATTEST:
City Clerk