Res 062-2002 5/21/2002RESOLUTION NO.
RESOLUTION CERTIFYING PROJECT COMPLETION OF AN
ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT AND
AUTHORIZING PAYMENT TO UNITED ELECTRIC, MAGIC AIRE
DIVISION; FINDING AND DETERMINING THAT THE MEETING AT
WHICH THIS RESOLUTION WAS PASSED WAS OPEN TO THE
PUBLIC AS REQUIRED BY LAW.
WHEREAS, United Electric, Magic Aire Division has completed an economic
development incentive project as outlined in a Memorandum of Understanding with the
Wichita Falls Economic Development Corporation ( WFEDC); and
WHEREAS, the WFEDC met on May 13, 2002, certified project completion, and
has recommended payment to Magic Aire in the amount of $30,000.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. Magic Aire has completed the terms of an economic development
incentive program and payment in the amount in the amount of $30,000 is approved.
SECTION 2. It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 21st day of May 2002.
ATTEST:
City Clerk
1 I y : e�ii•+�
MAY -14 -02 MON 09:55 AM BCI 9407238773 P.02
►ti
�l�yO�M'l OS Vadscst�ttd�iaa
ArSrst, 2000
JUx is a t►ie m*ndum ofUnde[stmding (MOM betweet+Wted Flecbric CvMpaay the
Wiebttn Fail$ Emanmto mvelapowni Comor tdon (WFWi.
t. The Wp'P.t)C YvwVW ttds that tkte tatty Cvurr�l approvc tau use of SccAou 4(0) Sa.'ea Tau
proccc& as dawn'bed below.
2. By definition„ a tWw job is one &a tw boo ct*W as s craalt of petjed VFAC'a C40pi lei
invc6txneat and bas bean filled for a t 101mum of 6Imatha.
3. Thl u3e of St#640 4(a) Sales Tax Wenues wit' be Mdagont on the tollotwing:
A. Ujated EIWAric +C,ompany'a Rvjoet VPAC wii! trt" tS ww jobs and Mtka a tnintmam
investmcnl of 3 I.000,Mo.Qo no taw thm Dcoendw 3 t, 2001.
H. lyre WFWC's teoomwndadft grad City l,s approval ofSwdon 4(a) sales tax
Poeeds being ttted to mmorw P rojed YPAC m be eafTt led is Wichita palls.
C, At a dau detcWtn sd by UOi%d BleebriP may. W to CWVA 1$ months: fr= dw date
of (Ms UnndaWA+diA& a lX0GKkf= will be made avi&wing die cmaon of "W jobs WA
capital iffoatrnedt. Upon this prewtt dM peymenj of $30,000.00 will be made to Unitod
Blrctric Qampany.
Wichita Falb Boonomic
17ovdvp t Ccrperatio'a
Shocca
United Utectdc Ccrnvwy
9om,W Fax Note
Fvti
��
I SzL
United Electric Company, LP. Phone: (940) 397-2100
® 501 Galrreston St. Fax (940) 397 -2166
Wichita Falls, TX 76301
April 12, 2002
Wichita Falls
Board of Commerce and Industry
W. Tim Chase
RE: Economic Development 4A Board
VPAC Project
Tim;
With this letter I am stating that United Electric Company has met it's obligation under the Memorandum of
Understanding with the 4A board for the tax abatement program and employment stipulation for the payment of
$30,000.
United Electric Company has invested $1,060,899 in capital equipment for the VPAC project in Wichita Falls as of
12131/01. United Electric has been in full production of this project since September 2001.
As of December 2001 there were 2 salaried engineers in employment for VPAC and 14 hourly employees for the
VPAC project. United Electric's wage base accelerated 23% from $5,741,395 in the year 2000 to $7,061,042 in the
year 2001.
On behalf of United Electric Comparry I am asking that the memorandum be processed.
0" - 01"Mr ii
,.11L -
•