Res 153-2000 11/21/2000RESOLUTION NO. I53-D000
RESOLUTION AUTHORIZING AN ECONOMIC DEVELOPMENT
INCENTIVE AGREEMENT WITH CRYOVAC, INC. 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 November 10, 2000, the 4A Corporation Board of Directors met
to consider a memorandum of understanding with Cryovac, Inc. to expand operations in
Wichita Falls; and
WHEREAS, Cryovac proposes to create in Phase I a minimum of 69 new jobs
and make an investment of at least $15,000,000 in order to expand operations in
Wichita Falls; and
WHEREAS, Subsequent phases of Cryovac's investment will create additional
jobs; and
WHEREAS, The 4A Board recommends approval of the proposed MOU which
would authorize the expenditure of $276,000 to Cryovac for Phase I and $128,000 for
each subsequent phase 2, 3, and 4, all contingent upon their fulfilling their obligations of
job creation and capital investment; and
WHEREAS, The 4A Board also recommends in Section III of the MOU that the
City's portion of any Sales Tax Refund due Cryovac resulting from an "Enterprise
Project" designation by the Texas Department of Economic Development be paid
Cryovac using 4A Sales Tax proceeds.
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 Cryovac,
dated November 10, 2000, 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 November 10, 2000, 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 FY 2000 -2001 Budget of the Wichita Falls Economic
Development Corporation is hereby amended to provide for funding in an amount not to
exceed $660,000 for the economic development incentive agreement with Cryovac, Inc.
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 21st day of November 2000.
AYOR
ATTEST:
NA 1a) wuz
City Clerk