Res 114-2015 11/17/2015Resolution No. _114-2015_
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) and amending
the budget to include up to $1,250,000 of proposed incentives to the
City of Wichita Falls for the Shepp ard Air Force Base Transportation
and Perimeter Security Project
WHEREAS, Texas Local Gov’t. Code § 501.073(a) provides “The corporation's
authorizing unit will approve all programs and expenditures of a corporation and
annually review any financial statements of the corporation ”; and,
WHEREAS, on October 28, 2015, the WFEDC approved the Project listed below
and as stated in its agenda.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
1. The Wichita Falls Economic Development Corporation ’s approval and funding
of the following programs and expenditures for the City of Wichita Falls and
Sheppard Air Force Base Transportation and Perimeter Security Project , as
described below and in sa id corporation’s agenda, are approved:
No Interest, Forgivable Loan of $1,250,000 for the City of Wichita
Falls and SAFB Transportation and Perimeter Security Project.
The loan is forgivable over a period of one year should the City
and SAFB retain 1,000 jobs in Wichita Falls.
2. The current fiscal year budget of the WFEDC is amended to provide for the
aforementioned expenditures and changes thereto.
PASSED AND APPROVED this the 17th day of November, 2015.
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M A Y O R
ATTEST:
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City Clerk