Res 140-2001 12/18/2001RESOLUTION NO.
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, TO AMEND RESOLUTION NO. 130 -2001 TO
RECOGNIZE A CORPORATE NAME CHANGE — PRATT & WHITNEY
SERVICES, INC. AND BE NOMINATED AS AN ENTERPRISE ZONE
PROJECT TO BE SUBMITTED TO THE TEXAS DEPARTMENT OF
ECONOMIC DEVELOPMENT; DETERMINING THAT THE MEETING AT
WHICH THIS RESOLUTION WAS PASSED WAS OPEN TO THE
PUBLIC AS REQUIRED BY LAW.
WHEREAS, the Texas Department of Economic Development (the "Department ")
designated the City of Wichita Falls East Enterprise Zone (the "Zone ") on June 27,
1991; and
WHEREAS, The Department authorized a re- designation of the City of Wichita
Falls East Enterprise Zone by way of an agreement dated on November 19, 1998; and
authorized an expansion of the Zone on July 9, 2001; and
WHEREAS, The Department will consider Pratt & Whitney Services, Inc. as an
enterprise project pursuant to a nomination and an application made by the City of
Wichita Falls, Texas (the "City "); and
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; and
WHEREAS, pursuant to Chapter 2303, Subchapter F of the Texas Enterprise
Zone Act, Texas Government Code (the "Act "), Pratt & Whitney Services, Inc., has
applied to the City for designation as an enterprise project; and
WHEREAS, the City finds that Pratt & Whitney Services, Inc. meets the criteria
for designation as an enterprise project under Chapter 2303, Subchapter F of the Act on
the following grounds:
1. Pratt & Whitney Services, Inc. is a "qualified business" under
Section 2303.402 of the Act since it will be engaged in the active conduct
of trade or business in the East 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. Pratt & Whitney Services, Inc. is located in the East Zone which has an
unemployment rate of not less than one and one -half (1 'h) 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 Pratt & Whitney Services, Inc., 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 Pratt & Whitney Services, Inc. meets the criteria
for tax relief and other incentives adopted by the City and nominates Pratt & Whitney
Services, Inc. on the grounds that it will be located wholly within the Zone and it will
create a higher level of employment, economic activity and stability; and
WHEREAS, the City finds that it is in the best interest of the City to nominate
Pratt & Whitney Services, Inc., as an enterprise project pursuant to the Act.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. Pratt & Whitney Services, Inc. is a "qualified business," as defined
in Section 2303.402 of the Act, and meets the criteria for designation as an enterprise
project, as set forth in Section 2303, Subchapter F of the Act.
SECTION 2. The enterprise project shall take effect on the date of designation of
the enterprise project by The Department 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 18th day of December 2001.
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MAYOR
ATTEST:
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