Res 028-95 2/21/1995RESOLUTION NO.,_ o - S
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, TO NOMINATE THE PETROLEUM BUILDING HOTEL AS
AN ENTERPRISE ZONE PROJECT TO BE SUBMITTED TO THE TEXAS
DEPARTMENT OF COMMERCE; FINDING AND DETERMINING THAT
THE MEETING AT WHICH THIS RESOLUTION WAS PASSED WAS OPEN
TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, the Texas Department of Commerce ( "Commerce") designated the City of Wichita
Falls North Enterprise Zone (the "Zone ") on June 27, 1991;
WHEREAS, Commerce will consider the Petroleum Building Hotel 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 Section 10 of the Texas Enterprise Zone Act, Texas Revised Civil
Statutes Annotated Article 5190.7 (the "Act "), the Petroleum Building Hotel has applied to the City for
designation as an enterprise project;
wHEREAs, the City finds that the Petroleum Building Hotel meets the criteria for designation as
an enterprise project under Section 10 (c) of the Act on the following grounds:
1. The Petroleum Building Hotel is a "qualified business" under Section 3(a) (10) 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. The Petroleum Building Hotel is located in the Zone, or has made a substantial
commitment to locate in the Zone, which has an unemployment rate of not less than one
and one -half (I -1 J2) times the state 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 the Petroleum Building Hotel 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 the Petroleum Building Hotel meets the criteria for tax relief and
other incentives adopted by the City and nominates the Petroleum Building Hotel on the grounds that it
will be located wholly within the Zone, will create a higher level of employment, economic activity and
stability; and
WHEREAS, the City finds that it is in the best interests of the City to nominate the Petroleum
Building Hotel as an enterprise project to the Act.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS:
SECTION 1. The Petroleum Building Hotel is a "qualified business," as defined in Section 3 (a)
(10) of the Act, and meets the criteria for designation as an enterprise project, as set forth in Section 10
of the Act.
SECTION 2. The enterprise project shall take effect on the date of designation of the enterprise
project by Commerce 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 21 st day of February, 1995
MAYOR
ATTEST:
C1 CLERK-/'