Res 045-2015 5/5/2015Resolution No. _ 45-2015_
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) and amending
the budget to include up to $1,815,000 for the Pratt & Whitney
Technology Enhancement 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 April 17, 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 $1,815,000 for the purchase of: (1) 3D
Measuring Equipment and Software; (2) Direct Metal Laser Sintering
Equipment; and (3) Interactive Machining Equipment. The loan is
forgivable over a period of seven years should the company maintain the
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 5th day of May, 2015.
______________________________
M A Y O R
ATTEST:
____________________
City Clerk