HomeMy WebLinkAboutRES 960611-R - Trust Deed Gtown Tech ParkRESOLUTION NO.
WHEREAS, the City of Georgetown, Texas, a Texas Home Rule Municipal
Corporation ("City"), has applied for and received a grant from the Texas Capital Fund,
for economic development purposes;
WHEREAS, the City has received the grant for the benefit of Reedholm Industries,
Co., an Ohio corporation authorized to do business in Texas ("Reedholm"), in order to
construct a business facility in Georgetown, Williamson County, Texas ("Reedholm
Facility");
WHEREAS, the City has purchased Lot 4 of Georgetown Technology Park,
Williamson County, Texas ("Property"), at the request of Reedholm, in order to construct
the Reedholm Facility on the Property;
WHEREAS, the location of the Reedholm Facility in Georgetown will benefit the
City by the creation of jobs within the City;
WHEREAS, under the Texas Capital Fund Program, the City is the only entity
which may own the underlying real estate until the grant has been repaid to the State by
Reedholm;
WHEREAS, the grant is insufficient to fund the entire cost of the Reedholm Facility
to be constructed on the Property;
WHEREAS, Reedholm has secured additional funding from Hartland Bank for the
construction of the Reedholm Facility;
WHEREAS, in order to secure the debt being issued by Hartland Bank, the Bank
has requested that a mortgage be placed on the Property owned by the City;
WHEREAS, the City's ownership of the Property is solely for the administration of
the Texas Capital Fund Grant Program, in order to pass through the federal funding to
Reedholm for the creation of jobs;
WHEREAS, the City Council has determined that the liening of the Property to the
Bank for the development of the Reedholm facility is in the best interest of the City;
Reedholm/Hartland Bank Lien Resolution No. 0
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CIT1_'-J
OF GEORGETOWN, TEXAS, THAT: I
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 the following policies of the Century Plan, Policy Plan
Element:
Economic Development Policy 1: "The City will encourage diversified growth and
promote business opportunities to create jobs, broaden the tax base and minimize
the impact of economic fluctuations."
Economic Development Policy 5: "The City will take the appropriate steps to have
a self-sustaining economy."
Finance Policy 1: "The City will conduct all municipal operations in an efficient
business -like manner."
The City Council further finds that the adoption of 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 Mayor is hereby authorized to execute the deed of trust and
other loan documents to Hartland Bank for the construction of the Reedholm Facility. The
Mayor is further authorized to execute such other closing documents related to the
construction of the Reedholm Facility as may be required by Georgetown Title Company,
Inc.
SECTION 3. This resolution shall be effective immediately upon adoption.
RESOLVED this 11th day of June, 1996.
ATTEST" THE CITY OF GEORGETOW��,:
By:
Sandra D. Lee LWOD, Mayor
City Secretary
Reedholm/Hartland Bank Lien Resolution Not'
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