Res 090-2001 8/7/2001RESOLUTION NO. _ - 1 f
RESOLUTION AUTHORIZING AN ECONOMIC DEVELOPMENT
INCENTIVE AGREEMENT WITH EMD INCORPORATED AS
RECOMMENDED BY THE WICHITA FALLS ECONOMIC
DEVELOPMENT CORPORATION AND APPROVING AN AMENDMENT
TO THE CORPORATION'S FY 2000 -01 BUDGET;. FINDING AND
DETERMINING THAT THE MEETING AT WHICH THIS RESOLUTION
WAS PASSED WAS OPEN TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, on July 3, 2001, the 4A Corporation Board of Directors met to
consider a memorandum of understanding with EMD Incorporated to expand
operations in Wichita Falls; and
WHEREAS, EMD Incorporated proposes to create a minimum of twenty (20)
new jobs above the 17 employees on board presently and expand their facility by
approximately 8,000 square feet; and
WHEREAS, the 4A Board recommends approval of the proposed MOU which
would authorize a maximum expenditure of $200,000 to EMD contingent upon EMD
meeting their obligations of job creation and facility expansion. .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. An economic development incentive agreement for EMD
Incorporated, as recommended by the Wichita Falls Economic Development
Corporation, is hereby approved.
SECTION 2. The FY 2000 -01 Budget of the Wichita Falls Economic
Development Corporation is hereby amended to provide for funding in an amount not to
exceed $200,000 for the economic development incentive agreement with EMD
Incorporated.
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 7 t day of August 2001.
AYOR
ATTEST: n
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JCity Clerk