Res 043-2015 4/7/2015Resolution No. _43-2015_
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) and amending
the budget to include up to $140,000 for the Cobra Kai Flight
Simulator 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 February 23, 2015, 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, are approved:
No Interest, Forgivable Loan of $140,000 for the purchase of a Redbird
Flight Simulator. The loan is forgivable over a period of five years should
the company create and maintain the additional jobs as stipulated in the
agreement.
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 7th day of April, 2015.
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M A Y O R
ATTEST:
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City Clerk
WFEDC REVISED FY 2015 BUDGET