Res 014-2001 2/20/2001RESOLUTION NO.
RESOLUTION AUTHORIZING AN ECONOMIC DEVELOPMENT
INCENTIVE AGREEMENT WITH ABB CONTROLS AS RECOMMENDED
BY THE WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
AND APPROVING AN AMENDMENT TO THE CORPORATION'S FY
2000 -2001 BUDGET; FINDING AND DETERMINING THAT THE
MEETING AT WHICH THIS RESOLUTION WAS PASSED WAS OPEN
TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, On February 5, 2001, the 4A Corporation Board of Directors met to
consider a memorandum of understanding with ABB Controls to expand operations in
Wichita Falls; and
WHEREAS, ABB Controls proposes to create 27 new jobs and make an
investment of at least $2,500,000 in order to expand operations in Wichita Falls; and
WHEREAS, The 4A Board recommends approval of the proposed MOU, a copy
of which is attached hereto.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. An economic development incentive agreement with ABB Controls,
dated February 5, 2001, a copy of which is attached hereto, as recommended by the
Wichita Falls Economic Development Corporation, is hereby approved subject to the
conditions specified in Section 2.
SECTION 2. The City Council authorizes the use of 4A funds, as referenced in
Section III of the Memorandum of Understanding, dated February 5, 2001, in lieu of a
local City of Wichita Falls sales and use tax refund upon the designation of this project
as an "Enterprise Project" by the Texas Department of Economic Development. Said
amount shall be calculated in accordance with Section 2303.505 of the Texas
Government Code for local sales and use taxes paid on or prior to December 31, 2001
in conjunction with the investment outlined in the Memorandum of Understanding.
SECTION 3. The
Development Corporatio n
economic development
February 5, 2001.
FY 2000 -2001 Budget
is hereby amended in
incentive agreement
of the Wichita
the amount of
with ABB
Falls Economic
$133,500 for the
Controls dated
SECTION 4. 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 20th day of February 2001.
ATTEST:
City Clerk
MAYOR