HomeMy WebLinkAboutRES 970923-K - Fund App Superior ChairRESOLUTION NO. 9rlo M3 - A,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, APPROVING AN APPLICATION FOR FUNDING
THROUGH THE TEXAS DEPARTMENT OF ECONOMIC DEVELOPMENT
REAL ESTATE DEVELOPMENT PROGRAM; AUTHORIZING THE CITY
MANAGER TO ACT ON THE CITY'S BEHALF WITH REGARD TO THE
SUBMISSION OF THIS APPLICATION AND FUTURE AWARD
DOCUMENTS; AGREEING NOT TO PARTICIPATE IN PROGRAM
INCOME RECAPTURE; AND DECLARING AN EFFECTIVE DATE.
WHEREAS, the City Council has reviewed and approves an application for SuperiorChair
in the following amounts:
Construction $500,000
Administration 35,000
Total $535,000
WHEREAS, the City Council has reviewed and agrees to comply with all assurances
executed in connection with the application and, if funded, the award.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GEORGETOWN, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this resolution are
hereby found and declared to be true and correct, and are incorporated by reference herein and
expressly made a part hereof, as if copied verbatim. The City Council hereby finds that this
resolution implements Economic Development Policy End 1.0 of the Century Plan - Policy Plan
Element, which states: "Georgetown's economy is self-sustaining through diversified growth, a
broad tax base with minimal impact from economic fluctuation, enhanced business opportunity and
job creation" and further finds that this resolution is not inconsistent or in conflict with any other
Century Plan Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan.
SECTION 2. The City Manager is authorized to execute the application and otherwise act
on the City's behalf in all matters pertaining to the submission of this application and any
subsequent documents pertaining to the award.
SECTION 3. The City Council has reviewed and hereby agrees not to participate in program
income recapture and will return all program income to the State to be placed in a statewide
Revolving Loan Fund to be used by the State to fund future economic development awards. By
agreeing to this measure, the City understands that it will be eligible to receive as many Texas
Capital Fund awards per program year as it has eligible projects. This determination must be made
Superior Chair Resolution No.
Page 1 of 2 Pages
at the time the original award is made and cannot be changed with subsequent awards for this
program year or retroactively in subsequent program years.
SECTION 4. The Mayor is hereby authorized to execute, and the City Secretary to attest
this resolution on behalf of the City of Georgetown.
SECTION 5. This resolution shall be in full force and effect immediately from and after its
passage.
RESOLVED this 23rd day of September, 1997.
AYES: NAYS: D ABSENT: J
CITY OF GEORGETOWN
Mayor Pro — Tera
Ferd Tann
Approved as to form:
Marianne Landers Banks, City Attorney
Superior Chair Resolution No.
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Attest:
Sandra D. Lee, City Secretary