Res 083-2011 9/20/2011
RESOLUTION NO. _83-2011_
Resolution Approving The Programs And Expenditures Of The
Wichita Falls Economic Development Corporation (WFEDC) And
Amending The Budget As Appropriate In The Total Amount Of
$969,250 For Projects
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.”
th
WHEREAS, on August 25 and September 7th, the WFEDC approved the
Projects
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:
Wichita Clutch Test Stand Project
– proposed incentives for Wichita Clutch to
up to $300,000
purchase/improve a test stand in the amount of
Ameri-Kal Vitamin Manufacturing Project
– proposed incentives for Ameri-Kal
$75,000
to establish-expand a vitamin manufacturing plant in an amount up to
Arrow Manufacturing Machine Shop Project
– proposed incentives for Arrow
$178,250
Manufacturing to expand its machine shop in an amount of up to
Sheppard Air Force Base Electric Transmission Line Settlement
Intervention Project $20,000
– provides for the payment of up to
Albert Moving Staffers Assistance Project
– proposed incentives for Albert
$364,000
Moving Staffers up to
Cryovac Project
– proposed incentives for Cryovac to expand its packaging
$32,000
plant in an amount up to
2. The current fiscal year budget of the WFEDC is amended to provide for the
aforementioned expenditures and changes thereto.
3. The City Council recognizes that, in the absence of these incentives, the
aforementioned projects would not occur in the local area. In addition, the City Council
specifically expresses its appreciation to Cryovac for its support of the local community,
and expresses its intent and desire to approve future Cash for Jobs projects based
upon the schedule provided in the MOU that the WFEDC has approved with said
company.
th
PASSED AND APPROVED this the 20 day of September, 2011.
______________________________
M A Y O R
ATTEST:
____________________
City Clerk