Res 094-94 6/21/1994RESOLUTION
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, TO NOMINATE STANLEY MECHANICS TOOLS 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 East Enterprise Zone (the "Zone") on June 27, 1991;
WHEREAS, Commerce will consider Stanley Mechanics Tools 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"), Stanley Mechanics Tools has applied to the City for
designation as an enterprise project;
WHEREAS, the City finds that Stanley Mechanics Tools meets the criteria for designation as an
enterprise project under Section 10 (c) of the Act on the following grounds:
1.Stanley Mechanics Tools 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.Stanley Mechanics Tools 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(1-
1/2) 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 Stanley Mechanics Tools 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 Stanley Mechanics Tools meets the criteria for tax relief and other
incentives adopted by the City and nominates Stanley Mechanics Tools 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 Stanley Mechanics
Tools 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. Stanley Mechanics Tools 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 21st day of June, 1994.
M A O R
ATTEST:
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CITY LERK