Res 053-2010 4/20/2010 RESOLUTION NO. 53-2010
Resolution Approving The Programs And Expenditures Of The
Wichita Falls Economic Development Corporation (WFEDC), And
Amending The Budget As Appropriate
WHEREAS, TExAS Loca� Gov'T Co�E §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 or prior to this date, the Wichita Falls Economic Development
Corporation approved the project listed below 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, as described below and in said
corporation's agenda, is approved:
a) Amendment to account for Budget Reduction of Amounts payable
pursuant to Bedding Manufacturer Project from $9,900,000 to
$9,300,000.
b) Amendment to add $30,000 for Professional Fees to Budget —$30,000 as
a cost for the administration of "Projects"---including making the attached
Findings and Allocations and Authorizations relating to this expenditure.
c) Wichita Clutch 1,500Hp Test Stand Upgrade — Proposed incentives for
Wichita Clutch (and related entities) to upgrade its test stand to 1,500Hp in
an amount of up to $440,000 of "costs" for equipment, at its Wichita Falls
facility
d) Health Care Equipment Specialty, Inc. Dental Equipment Refurbishment
Project — Proposed Incentives for Health Care Equipment Specialty, Inc. in
an amount of up to $521,434 of "costs" for the retention and creation of
primary jobs in the dental equipment refurbishing and distribution industry
2. The current fiscal year budget of the Wichita Falls Economic Development
Corporation is amended in accor`dance with the aforementioned expenditures and
changes thereto.
PASSED AND APPROVED this the 20th day of April, 2010.
MAY
ATTEST:
�
C'ty Clerk