Res 100-2002 9/17/2002RESOLUTION NO. k CC) - Q�-OCNQ,
A RESOLUTION AUTHORIZING AN ECONOMIC DEVELOPMENT INCENTIVE
OFFER TO THE TEXAS VETERANS' LAND BOARD AS RECOMMENDED BY
THE WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION AND
APPROVING AN AMENDMENT TO THE CORPORATION'S FISCAL YEAR
2001 -2002 BUDGET; FINDING AND DETERMINING THAT THE MEETING AT
WHICH THIS RESOLUTION WAS PASSED WAS OPEN TO THE PUBLIC AS
REQUIRED BY LAW.
WHEREAS, the City of Wichita Falls and Wichita County desire to submit an
application to the Texas Veterans' Land Board for a State Veterans' Home in Wichita
Falls, Texas, and
WHEREAS, applicants are required to pay for off -site development costs, and
WHEREAS, such costs are eligible under the economic development statute,
and
WHEREAS, off -site development costs for this project have been estimated not
to exceed $250,000, and
WHEREAS, the Wichita Falls Economic Development Corporation desires to
offer $1,500 per job, for a minimum of 100 jobs created in conjunction with the project,
for a total per job incentive amount not to exceed $225,000, and
WHEREAS, the Wichita Falls Economic Development Corporation recommends
approval of the attached Memorandum of Understanding that will encumber $475,000
for this project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. A Memorandum of Understanding outlining an economic
development incentive offer to the Texas Veterans' Land Board, as recommended by
the Wichita Falls Economic Development Corporation, is attached and hereby
approved.
SECTION 2. The FY 2001 -2002 Budget of the Wichita Falls Economic
Development Corporation is hereby amended to provide for funding for this project in
an amount not to exceed $475,000.
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 17 day of September 2002.
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ATTEST:
Memorandum of Understanding
September 16, 2002
The Wichita Falls Economic Development Corporation (WFEDC) recommends that the City
Council approve the use of Section 4(a) Sales Tax proceeds as a portion of the incentives
package used to facilitate the location of a Texas State Veterans' Home in Wichita Falls, Texas as
follows.
Off -Site Development Costs
The NNTEDC will pay an amount not to exceed 5250,000 for off -site development costs relating
to water, sewer, roads, and natural gas to make the proposed Texas State Veterans' Home site
"development ready" (See Attaclmnent A - Estimate of Off -Site Development Costs). These off -
site improvements, begimling with engineering design, will commence upon designation by the
Veterans' Land Board of the State of Texas of the proposed site as the location of a Texas State
Veterans' Home.
Cash For Jobs Incentive
At a date to be determined by the Veterans' Land Board of the State of Texas, not to exceed
twelve (12) months from the date that the Home begins operations serving Texas' veterans in
Wichita Falls, a presentation will be made to the WFEDC evidencing the creation of a minimum
of one - hundred (100) new full -time jobs. After the presentation is made, a payment of $1,500
per new full -time job created will be made to the Veterans' Land Board of the State of Texas.
The total value of the "Cash For Jobs Incentive" associated with this project shall not exceed
$225,000.
By definition, a new full -time job is one that has been created as a direct result of the location of
a Texas State Veterans' Home in Wichita Falls, the position is benefit eligible, and the person
filling that full -time job has been an employee at the Wichita Falls' Texas State Veterans' Home
for a minimum of 6 months.
This offer will expire on March 1, 2003 unless otherwise extended by majority vote of the
WFEDC Board of Directors and the City of Wichita Falls City Council.
Gary Shores
Wichita Falls Economic Development
Corporation
Veterans' Land Board of the State of
Texas