HomeMy WebLinkAboutRES 910285 - Econ Dev Loan Tessco GroupRESOLUTION NO. _2LgJ=
WHEREAS, the City Council of the City of Georgetown, Texas, is interested in furthering
the economic development of the City;
WHEREAS 'Section 380.001 of the Texas Local Government Code authorizes the City
to loan funds to further economic development efforts within the City of Georgetown;
WHEREAS, the City Council has determined that the authorization of a loan from the
City to Tessco Group, Inc., would be in the best interest of the City ® Georgetown;
WHEREAS, the City Council has determined that the proposed loan and loan guaranty
are in compliance with the City's investment policy;
WHEREAS, the City Council has determined it would be in the best interest of the City
of Georgetown for the City to seek a guaranty of the loaned funds to the maximum amount
possible from the Rural Economic Development Fund Program of the Texas epartment o
Commerce-,
WHEREAS, the City Council has determined that the maximum amount of the loan that
-an be guaranteed is $350,000, and it is in the best interest of the City to make an application
to the Texas Department of Commerce for a loan guaranty in that amount;
WHEREAS, if the loan guaranty is approved by the Rural Economic Development Fund
r'rogram Board, the City Council has determined that it is in the best interest of the City of
Georgetown for all documents necessary to complete the loan guaranty process be signed in order
to expedite the construction of the improvements contemplated by Tessco Group, Inc., in
Furtherance of the City's economic development efforts;
WHEREAS, the City Council has determined that the proposed project is in compliance
with all applicable zoning and building codes-,
WHEREAS, the City Council has found that this action implements Economic
TCOC Resolution No. IM-5—
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Development Policy 1, Goals A, B, E and F, and Finance Policy 1, Goal A of the Century Plan -
Policy Plan Element, and is not found to be inconsistent or in conflict with any other Century
Plan Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan; and
VIFIEREAS, the City Council has found that this action implements the Industrial
Development Goal of the Century Plan, Strategic Plan for Economic Development-,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GEORGETOWN, TEXAS, THAT:
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
11art hereof, as if copied verbatim.
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On behalf of the City of Georgetown, the Mayor is hereby authorized to execute, and the
City Secretary to attest thereto the application to the Rum I Economic Development Fund Program
of the Texas Department of Commerce, to guarantee $350,000 of the funds to be loaned to
Tessco Group, Inc., for the renovations to the Trussway Central, Inc., facility ( a draft copy oll
which is attached hereto as Exhibit "A"), subject to the approval of the City Attorney.
RIV-4mumm
The Mayor is hereby authorized to sign a commitment letter to the Texas Department of
Commerce indicating that the City is ready to proceed with the project (a draft copy of which
is attached hereto as Exhibit "Bon behalf of the City of Georgetown, and subject to the
approval of the City Attorney.
The Mayor is hereby authorized to sign a letter to the Texas Department of Commerce
stating that the project is in compliance with all local zoning and building codes and that the
property has access to public utilities (a draft copy of which is attached hereto as Exhibit "C"),
on behalf of the City of Georgetown.
TCOC Resolution No.
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In order to finalize the loan guaranty, if approved by the Texas Department of Commerce,
the Mayor is hereby authorized to execute and the City Secretary to attest thereto the loan
guaranty agreement ( a draft copy of which is attached hereto as Exhibit "D"), the loan
authorization and loan agreement (a draft copy of which is attached hereto as Exhibit "Eand
all other documents that may be required by the Texas Department of Commerce, subject to the
approval of the City Attorney.
The City Council hereby authorizes the expenditure of $250 for the application fee to the
Texas Department of Commerce, which is non-refundable, and further authorizes the expenditure
of the 1 1/2% loan guaranty fee upon the finalization of the loan guaranty, if approved by the
Texas Department of Commerce, which will be in an amount not to exceed $5,250. Funding for
these expenses is hereby authorized from the City Council Contingency Fund.
This resolution shall be effective immediately upon adoption.
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(KESOLVED this 2-8T day of May, 1991-.
ATTEST:
C--)
-
Eitzabeth Cray
City Secretary
Marianne Landers Banks
City Attorney
TCOC Resolution No. qfax'?�
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TBE CITY OF GE GETOWN:
W.H' CO OR
Mayor