HomeMy WebLinkAboutRES 941025-T - Fund App ReedholmRESOLUTION NO. 9-'110
WHEREAS, the City Council has reviewed and approves an application for Reedholin
Instruments Company in the following amounts -
Acquisition $46,800.00
Engineering 22,000.00
Construction 323,000.00
Administration 50,000.00
Total $441,800.00
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
Fiereby 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 I of the Century Plan - Policy Plan
Element, which states: "The City will encourage diversified growth and promote business
opportunities to create jobs, broaden the tax base and minimize the impact of economic
fluctuations;" and 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. Mayor Leo Wood or City Manager Bob Hart are hereby authorized to
execute, the application and otherwise act on the City's behalf in all matters pertaining to the
submission of this application.
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 beplaced in 2
Reedholm Resolution No. 474110 2 57- 7'
Page I of 2 Pages
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 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 3. This resolution shall be in full force and effect immediately upon its
adoption.
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By: LE b WOOD, Mayor
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Reedholm Resolution No. 13�/C)25—
Page 2 of 2 Pages
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