Res 069-2014 7/1/2014RESOLUTION NO. 69-2014
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) and amending
the budget to include up to $208,250 for the Arrow Manufactured
Products Downhole Tool Expansion Project
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 May 22, 2014, the WFEDC approved 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 and funding
of the following programs and expenditures, as described below and in said
corporation’s agenda, is approved:
Arrow Manufactured Products Downhole Tool Expansion Project ---
Proposed incentives for Arrow Manufactured Products and related entities
in the amount of up to $208,250 of “costs” for expenditures for the
retention and recruitment of primary jobs at said company’s manufacturing
facility at 5000 Central Freeway in Wichita Falls
2. The current fiscal year budget of the WFEDC is amended to provide for the
aforementioned expenditures and changes thereto.
PASSED AND APPROVED this the 1st day of July, 2014.
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M A Y O R
ATTEST:
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City Clerk