Res 126-2005 9/20/2005RESOLUTION NO. J9
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, AUTHORIZING AN ECONOMIC DEVELOPMENT
INCENTIVE AGREEMENT WITH EXCALIBUR PAINT AND COATINGS,
INC. AND AMENDING THE 2004 -2005 BUDGET OF THE WICHITA
FALLS ECONOMIC DEVELOPMENT CORPORATION; FINDING AND
DETERMINING THAT THE MEETING AT WHICH THIS RESOLUTION
WAS PASSED WAS OPEN TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, The Wichita Falls Economic Development Corporation did meet on
September 6, 2005 to consider an Economic Development Incentive Agreement with
Excalibur Paint and Coatings, Ltd.; and
WHEREAS, The Wichita Falls
recommended approval of the Incentive
provide funding for said agreement.
Economic Development Corporation
Agreement and a budget amendment to
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1 . An Economic Development Incentive Agreement between the
Wichita Falls Economic Development Corporation and Excalibur Paint and Coatings is
hereby approved.
SECTION 2 . The Wichita Falls Economic Development Corporation Fiscal Year
2004 -2005 is hereby amended in the amount of $80,500 to provide for the Excalibur
project.
SECTION 3 . It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 20th day of September, 2005.
ATTEST:
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City Clerk
(7
MAYOR
Memorandum of Understanding
6 September 2005
This is a Memorandum of Understanding (MOU) between Excalibur Paint and Coatings
Ltd. (EPC) and the Wichita Falls Economic Development Corporation (WFEDC).
1. The WFEDC recommends that the City Council approve the use of Section 4(a) Sales Tax
proceeds as described below.
2. Definitions
Retained Positions - permanent, full -time, benefit eligible positions that have been retained
as a result of EPC's continued operation in the City of Wichita Falls as of the day of this
Understanding and that have been in place by EPC for a minimum of 6 months.
New Positions - new, permanent, full -time, benefit eligible positions that have been
created as a result of EPC's expansion, and positions that have been filled by EPC for a
minimum of 6 months.
3. The use of Section 4(a) Sales Tax proceeds will be contingent on the following:
A. F;PC's presentation to the WFEDC describing their intent to retain up to 17 existing full -
time positions as of the date of this MOU and to create six new positions. The presentation
will also include verification/proof of the new /retained positions.
B. The WFEDC's recommendation and City Council's approval of Section 4(a) sales tax
proceeds being used to encourage EPC's retention of positions and the creation of new
positions.
C. EPC not sooner than six months from the date of this Understanding will make a
presentation and provide documentation to the WFEDC evidencing the retained positions
and any new positions created. Upon completion of the presentation, a $3,500 payment for
each retained job and/or a new job will be made to EPC by the WFEDC.
D. In the event that EPC ceases operations in Wichita Falls, Texas, or Wichita County,
Texas, prior to twelve (12) months from the date of receipt of any incentives payment,
EPC shall within sixty (60) days of the date of cessation of operations repay the WFEDC
the full amount of the incentives paid.
Wichita Falls Economic
Development Corporation
By:
Gary Shores
Chairman
Date:
Excalibur Paint and Coatings Ltd.
By:
Randy Funston
President
Date:
City Clerk