Res 086-2010 7/20/2010 RESOLUTION NO. 86-2010
Resolution Approving The Programs And Expenditures Of The
Wichita Falls Economic Development Corporation (WFEDC) And
Amending The Budget As Appropriate
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 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 and resolution of approval, is approved:
a) Latex International Project — Proposed incentives for Latex International, LLC and related
entities, in an amount of up to $1,709,050 for the "costs" for land, buildings, equipment,
facilities, expenditures, and improvements in the latex fabrication and manufacturing industry
at 8600 Block of Central Freeway North.
b) MagicAire Retention Project — Proposed incentives for MA Acquisition Co., LLC and related
entities, in an amount of up to $1,150,000 to provide funds for the "costs" for land, buildings,
equipment, facilities, expenditures, and improvements of the MagicAire facility at 501
Galveston Street to maintain and expand its operation in Wichita Falls
2. The current fiscal year budget of the Wichita Falls Economic Development
Corporation is amended in accordance with the aforementioned expenditures and
changes thereto.
PASSED AND APPROVED this the 20th day of July, 2010.
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MAYOR
ATTEST:
City Cler