Res 084-2003 7/15/2003RESOLUTION NO. p4 - c 90Q 3
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, CONSIDERING AMENDMENTS TO THE ECONOMIC
DEVELOPMENT INCENTIVE AGREEMENT WITH WARNER
ELECTRIC (WE) AND ITS PARENT COMPANY, COLFAX
CORPORATION, AS AUTHORIZED BY RESOLUTION #133 -2002 AND
THE WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
FISCAL YEAR 2002 -2003 BUDGET; FINDING AND DETERMINING
THAT THE MEETING AT WHICH THIS RESOLUTION WAS PASSED
WAS OPEN TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, the Economic Development Incentive Agreement with Warner
Electric (WE) and its parent company, Colfax Corporation, as originally executed, is not
adequate to ensure the successful consolidation of WE's Waukesha facility with the
existing Wichita Clutch facility in Wichita Falls; and
WHEREAS, the Wichita Falls Economic Development Corporation ( WFEDC) has
recommended increasing the total incentive offer by an amount not to exceed $72,355
to ensure adequate funding for WE's job training expenses associated with said
consolidation effort; and
WHEREAS, the requirement to create 90% of the estimated 21 new jobs to be
created by the project was reduced by the WFEDC to 50% to accommodate a request
by WE to close the project during their current fiscal year.
WHEREAS, such action will require an amendment to the Wichita Falls
Economic Development Corporation's Fiscal Year 2002 -2003 budget in the amount of
$72,355.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1 . The City Council hereby accepts the recommendation from the
Wichita Falls Economic Development Corporation and hereby amends the Economic
Development Incentive Agreement by increasing the incentive offer by an amount not to
exceed $72,355 for reimbursement of job training expenses.
SECTION 2. The Wichita Falls Economic Development Corporation's fiscal year
2002 -2003 budget is hereby amended in the amount of $72,355.
SECTION 3 . The requirement to create 90% of the estimated 21 new jobs to be
created by the project was reduced by the WFEDC to 50 %.
SECTION 4 . 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 15th day of July, 2003.
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ATTEST:
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ity Clerk
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