Res 096-2010 8/17/2010 .
RESOLUTION NO. 96-2010
Resolution Nominating Latex Foam International, LLC. To The Office
Of The Governor, Economic Development And Tourism Through The
Economic Development Bank For Designation As An Enterprise
Project (Project) Under The Texas Enterprise Zone Program Under
The Texas Enterprise Zone Act, Chapter 2303, TExas GOVERNMENT
CODE (ACt)
WHEREAS, on May 18, 2010, the City of Wichita Falls (the "City") previously
passed Ordinance No. 29-2010 electing to participate in the Texas Enterprise Zone
Program, and the local incentives available under this resolution are the same on this
date as were outlined in Ordinance No. 29-2010;
WHEREAS, the Office of the Governor Economic Development and Tourism
(OOGEDT) through the Economic Development Bank (Bank) will consider Latex Foam
International, LLC. (the "Company") as an enterprise project pursuant to a nomination
and an application made by the City;
WHEREAS, the City Council of the City of Wichita Falls, Texas, desires to
pursue the creation of the proper economic and social environment in order to induce
the investment of private resources in productive business enterprises located in the
City and to provide employment to residents of enterprise zones and to other
economically disadvantaged individuals;
WHEREAS, pursuant to Chapter 2303, Subchapter F of the Texas Enterprise
Zone Act, Texas Government Code (the "Act"), Latex Foam International, LLC. has
applied to the City for designation as an enterprise project;
WHEREAS, the City finds that Latex Foam International, LLC. meets the criteria
for designation as an enterprise project under Chapter 2303, Subchapter F of the Act
on the following grounds:
1. Latex Foam International, LLC. is a"qualified business" under Section 2303.402
of the Act since it will be engaged in the active conduct of a trade or business at
a qualified business site within the governing body's jurisdiction located outside
of an enterprise zone and at least thirty-five percent (35.0%) of the business'
new employees will be residents of an enterprise zone or economically
disadvantaged individuals; and
2. There has been and will continue to be a high level of cooperation between
public, private, and neighborhood entities within the area; and
3. The designation of Latex Foam International, LLC. as an enterprise project will
contribute significantly to the achievement of the plans of the City for
development and revitalization of the area.
WHEREAS, the City finds that Latex Foam International, LLC. meets the criteria
for tax relief and other incentives adopted by the City and nominates Latex Foam
International, LLC. for enterprise project status on the grounds that it will be located at
the qualified business site, will create a higher level of employment, economic activity
and stability; and
WHEREAS, the City finds that it is in the best interest of the City to nominate
Latex Foam International, LLC. as an enterprise project pursuant to the Act;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
1. The findings of the City and its actions approving this resolution taken at the City
Council meeting are hereby approved and adopted.
2. The City finds that Latex Foam International, LLC. is a"qualified business", as
defined in Section 2303.402 of the Act, and meets the criteria for designation as
an enterprise project, as set forth in Section 2303, Subchapter F of the Act.
3. The City nominates Latex Foam International, LLC. to the State of Texas for
Enterprise Project status.
4. The enterprise project shall take effect on the date of designation of the
enterprise project by EDT and terminate 5 years after the date of designation.
PASSED AND APPROVED the 17th day of August, 2010.
.�� .__,
IJ�
MAYOR
ATTEST:
City Clerk