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ORD 2004-48 - TASUS Project Nomination
ORDINANCE NO. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS NOMINATING TASUS TEXAS CORPORATION TO THE TEXAS ECONOMIC DEVELOPMENT BANK AS AN ENTERPRISE PROJECT PURSUANT TO CHAPTER 2303, SUBCHAPTER F OF THE TEXAS GOVERNMENT CODE; AND MAKING THE REQUIRED FINDINGS SUPPORTING THE NOMINATION. WHEREAS, pursuant to the Texas Enterprise Zone Act, (Tex. Gov. Code Ch. 2303, Subch. F) (the "Act"), TASUS Texas Corporation ("TASUS") has applied to the City of Georgetown for nomination to the Texas Economic Development Bank (the "Bank") for designation as an "enterprise project;" and WHEREAS, following notice published in the Williamson County SUN, a public hearing to consider this ordinance was held by the City Council on July 27, 2004; and WHEREAS, after considering the report from the City's Director of Economic Development and the information at the public hearing, the City Council makes the findings set forth in this Ordinance and nominates the Project to the Bank for designation as an enterprise project. NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS THAT: Section l: The City Council finds that the facts and recitations contained in the preamble of this Ordinance are hereby found and declared to be true and correct and are adopted as part of this Ordinance for all purposes. The City Council further finds and declares that this Ordinance is in conformance with the following Policy Statements in the City's Century Plan: 1.0 The community enjoys the benefits of well-planned land use in which conflicting needs are balanced. 9.0 Citizens and commercial goods move safely and efficiently throughout all parts of the City. 10.0 Georgetown's citizens and businesses enjoy an attractive community with a unique sense of place and a positive, identifiable image, at a cost which is consistent with other city social and economic priorities. 13.0 All municipal operations are conducted in an efficient business -like manner and sufficient financial resources for both current and future needs are provided. 15.0 The City manages its resources in a sound and fiscally conservative manner. Section 2: On March 25, 2004, TASUS entered into that certain "Property Tax Abatement Agreement between TASUS, Williamson County, and the City of Georgetown, Texas," whereby Ordinance No. 420011d 119 TASUS Enterprise Project Nomination Page 1 of 4 Pages TASUS agreed, among other things, to construct a plastic injection molding facility in the City (the "Project") in an area that is not designated as an enterprise zone. Section 3: Based upon information presented to and representations made by TASUS to the City, TASUS is a "qualified business" within the meaning of Section 2303.401 of the Texas Government Code because it is engaged in or has provided substantial commitment to initiate the active conduct of a trade or business in an area of this state that does not qualify as an enterprise zone, and at least 35 percent of TASUS' new employees at the Project will be either residents of any enterprise zone in this state or are individuals who are economically disadvantaged within the meaning of Section 2303.402 of the Act. Section 4: TASUS has requested that the City Council apply to the Bank for designation of neighborhood entities within the Project as an Enterprise Project in accordance with Section 2303.404 of the Act. Section 5: The City has provided the following local incentives to TASUS for the Project: a. On February 24, 2004 by Ordinance No. 2004-18, the City designated the property on which the Project is to be located as a Reinvestment Zone pursuant to Chapter 312 of the Texas Tax Code (Exhibit "A" ). b. On March 25, 2004, TASUS entered into that certain "Property Tax Abatement Agreement between TASUS Corporation, Inc., Williamson County, and the City of Georgetown, Texas," providing tax abatements for real and personal property in exchange for the creation of new jobs as described therein. (Exhibit "B „) C, On March 25, 2004, the TASUS and the City of Georgetown entered into that certain "Utility and Infrastructure Agreement by and between TASUS Corporation, Inc. and the City of Georgetown, Texas" providing for the construction of road and drainage improvements and the construction of water and wastewater lines as described therein. (Exhibit "C") Except for the two agreements attached hereto as Exhibits "B" and Exhibit "C", the City has not agreed to provide any other incentives to TASUS for the project. Specifically, but without limitation, nothing in this Ordinance shall require the City to make any other incentives available to TASUS or to rebate or reduce any fees or local sales and use taxes to be paid by TASUS. Section 6: Other incentives that may be available to other qualifying business are included in the guidelines and criteria manual entitled, "City of Georgetown Principles for Economic Development Incentives," adopted by the City Council on February 11, 2003 (Exhibit "D "). Section 7: The City has demonstrated that a high level of cooperation exists among public, private, and neighborhood entities within the jurisdiction of the Project; specifically, the City Ordinance No. TASUS Enterprise Project Nomination Page 2 of 4 Pages coordinated with the community before designating the area of the Project as a reinvestment zone and entering into the two agreements with TASUS by holding several public meetings and hearings; seeking guidance and input from the City's citizen -comprised Economic Development Commission; and holding the required public hearings and meetings with the City's 4B corporation known as the Georgetown Transportation Enhancement Commission ("GTEC"). Section 8: The City Council hereby nominates the Project as an Enterprise Project pursuant to the Act. Section 9: The City of Georgetown City Council directs and designates its Director of Economic Development as the City's liaison to communicate and negotiate the Bank, the Project, and other entities affected by the Project. Section 10: The enterprise project will take effect on the date of designation of the enterprise project by the Bank, and shall terminate on the fifth anniversary of the project designation. Section 11: If any provision, section, subsection, sentence, clause or phrase of this Ordinance, or the application of same to any person to set circumstances, is for any reason held to be unconstitutional, void or invalid, the validity of the remaining provisions of this Ordinance or their application to other persons or set of circumstances shall not be affected thereby, it being the intent of the City Council in adopting this Ordinance that no portion hereof or regulations connected herein shall become inoperative or fail by reason of any unconstitutionality, voidness or invalidity of any portion hereof, and all provisions of this Ordinance are declared severable for that purpose. Section 12: It is hereby found, determined and declared that a sufficient written notice of the date, hour, place and subject of the regular meeting of the City Council at which this Ordinance was adopted was posted at a place convenient and readily accessible at all times to the general public at the City Hall of the City for the time required by law preceding its meeting, as required by the Open Meetings Law, Texas Government Code, Ch. 551, and that this meeting has been open to the public as required by law at all times during which this Ordinance and the subject matter hereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. Section 13: This Ordinance shall become effective immediately upon its final passage. Ordinance No. TASUS Enterprise Project Nomination Page 3 of 4 Pages READ, CONSIDERED, PASSED AND APPROVED ON FIRST READING by the City Council of Georgetown at a regular meeting on the 27th day of July, 2004, at which a quorum was present and for which due notice was given pursuant to Section 551.001, et. seq. of the Government Code. READ, CONSIDERED, PASSED AND APPROVED ON SECOND AND FINAL READING by the City Council of Georgetown at a regular meeting on the c0 '° day of 44xsf , 2004, at which a quorum was present and for which due notice was give ursuant to Section 551.001, et. seq. of the Government Code. ATTEST: lanara Lee City Secretary APPROVED AS TO FORM: Y � Patricia Carls City Attorney Ordinance No. 00 TASUS Enterprise Project Nomination Page 4 of 4 Pages �?cNiP.�t7" tt�lte Ordlumteeblo, `• CUM A"& vTUA .' 0" . ' _� Asa . `?:�a,.xn�:rar . �,� >_ _ ANT TO 01 e q ; sl.__ TWOM,gqNWGV4MMGS AND G ° ' MVFM*a A SUM"- LGA CLAUSE; Aft !?R*WD!Nrx AN Iff V , , ; A-8, the Cly totmall of the OV of ammmumv Tuas 6 ` has dct mi t- n of a Tduvestmat zona by tbo may,, as., by the Property I�� Tait �t nit _ 3` 1 of a ss 'E`�c . � varrr�i's Tcaras Codes Aino e„ the 4 whin the =R ofAhe City w describW S96 1 g .drft To Cot ittt tt as tha - ,- is i i R M&tftwwp uw otobWtop« :$u _ pairs tho: jjfgMw t o hs wt;lov*dbarW,SI.:t =t tor- iia :a pro : tax ,nnu 1; iliet.tll + if _fin RPPTO vluiie that the tj► l fi %b m :eili i#1 Pat in W40m, 'Ou t nt to the Acts.attd City on Fc siumy,1, 2004 :pubes i of ctm inn .cif,th©. anc in the lEi seu C ty S-Unt & Anaw.� I" Oty, anti' -by l er:dated Febrimy It .2004:prm itie4 w tv npr�i a f�f the publ�� h0ftlo dto prc iiig _16fifloor of the emmu: body o f .tai t my unit prVP y in iho Zme and such heading was hold on bn y, l-0, 20, in comp�"u nco'WI lL ft req cents of Sec"On 312.101 eft TcxaS' T Oc.C*dOl and a. pgblio g on the ca uu�la�ivn � 1Fe Mk Fj1tlA%—at the,puWic hieadng on Pcbruary 10,, 2004 inter+esW persons wm affowed to speak for or againd the +tilos gnati on of the'Z M and n , n a+ ♦ o ja�s a a♦ «a w w �. e a a s ^.w a a.s a w+ s e, w ace C 0 [2 .! is : k "y.; ,. ' 7771-11 : ; }L: k 9 i!.i::[! t #...'• It �.lt. m <F�. :. k E " td 8 i t o- R a [: � sr...•� R...:•k a . �. .{:.:ii ::. 9 t IOWA l P. d d: a '. F4. � Y [[' _.D ;� # 9.a kk .k 4 -.a :, • § d 9 ,lak :. a. 4 d t' :E a :[F. a 'ii srww thopas. not to. Amw I Ice Mpub"). 'fit the die ahall i iaidiy VOU tiff t shall os ..5 llb�` 'i`ltQ7i ti r5if . ry r 4s t cdavrkpmot, mad # $tulace 6d nanCO °#fit their to Oft p t3Y ! `. tbardbA f(poug tW Woo ofthr. City::Cb : or Ap%fibu co=WW bwaln tball bwome unty,. Wftess or ift"Uds Ity Of any OWW= are d#vl4W aenmb a lbr>fhaipuqvw. ►_ l . -or sf oirunsi if �i umc$h aCOS: fall' not ba afftw Weis t 1'ft portio i h or mil ly ton at any r f, A p , v'si�ans of ft that &Otula t otter nottew-ah iu ",`ham,i i Fav SUVICct crttl : City C , �-Oil =at whibh tbls Ot�gnce vas wa vow, at a ply Ca a�t+�i�r acce t#ile at all .tuna is tlYc� . hea l -va Ho ky kill oflbb city for'#ht Mw prctWftkg I mcd ft a, 5511and lbarthis f iming. whfch tins, Ortiin =and'. acW upon: Thi -City Coutzc contaaand poa ft dwoot R. m its passaa. Ordh w XDJ4004 TASUgleiio ilmen Page.3 of $ v the Oublic o t .:II.Y-law at ill 1c106thas:bow "usw& OorW&wM approves anil.confirms�mh wri t► notloo-and tho ,Me.eiive A tt . This p dine Ghali i arae ef% t7ve i�mm ciii�teity z�pa11 i i � 7rVill' , f t NO G2 . oo4w i 6® q. q 'M .resat t fT MF COM 0 PUBLIC HR T TI �' � G ID; T Ali- PR 2 The City Council , -the City, of'Georg Tisity''a will mid_ a pultlic hearit at their roper -toy % g.,d 6*4Q pAn on IF 10A _ ID is to 0, � I Chambers„ 101 E. Ith Sbcdca dwirVWm. 'lbim 71tx:. mij tit+a °arta to `Eo:discussed. wilt be €he: I�►P�"� f+�r I�te +d>��� co-�u��-p +� � Tri £hid of Geo% town bdustriaas lCabinet `W, 155 thrc u 151 of Plat rd's of Williamson +County; Turas (T Co-, : t 'ort Stiu�-"��est - �e�ti� �, xrded iti. pin t),. M tl e j of thee 312,, Texas Tax ede (the" el City,as a-: ve ttnd r ytlie p risi rta a otter ty Redevelopm tumid Tax. Aba. Act 6). and whether-tlte improvements sougirt are fens � o-and-praeti�i and w�td iZe.-abenefit to�the :fid tD be inoiuded m �l the mmvetTne2lt zone:and to the Gttgr- e o nfibtt of°kpru t+e ent} meet entered into uander the authority of -C*ter 312. of the 'i?b= Tax Code,, At the hooftt , natited 1 arett>tfl, sp. aacl.. t de for or an ttlef R atzt o x�,�estm+et€t-:�ane. `E'1t�sc�'pubiie° ��}iiz act ce �i�pra�it�na.c�#' Seefton'ItI610Tom "m 0 rr-"Wt .e c ,p. a+<<c e a .' kt arc •r^ai5 p' e: i t' 0 STATE OF T , . UMUz tei� uin sM$S$cc,,.G f m Togas OOoWq "T . v _M daim to expand its busiz by odashucting a pla ft injw n mol g manu&mriug hdfity can a mt9in tit of land ih- Wlilin , Texas, more futlyndesmibod on ADWIft "A" and ''f3'y. which are attached hereto and incorporated heaein by reface Qmrein4ewMhc tat . w B :. 3 «9 4 B 4 4... :} :,K i / 8 ! 1. ; �s t $ OTTO i ,:t i • k.4 $I gg WiA/ • BI o,,. B i «4 .' i m; 8 11 At] i $ t mss' :P: C° B ::4I+^i @. e+:@LEI' ;. I 6. AI WHEREAS, on Ianumy- 13, 20K the city adopted anl clods. in a pmt _ mit Ibr tare nal,p i 'oW& Prn ar T w aut to the Texas Tax Codi, =4 '�?LTfTIAs, afar grog ate and a puMia heir tim u1elu fir. � col: . 'Tax�ei.� ��" tits _ . " s a ', t red l►" .and for on,i.2:;2(a) p of MIM IA � `, ft `t TMOS .ha" aid : r e ` be developed m ar,a dance with tie &we ct requirements of City and : -in oampllanee with Mite .IM11 and WMiRRS,. the TkmV es-aud TA US have apvcd &at the ahatment of taxes on the real Fr perty and oxo tanga'ftte personal ptc gerty locakd on the Prapei�t� a s =speeifia5c mit' this A emends in the best inf est-df'the pubht; NE3R% Z „ in ..s derafiaon, of the ;4*vmidiez�tE�-- t_ forth hem tete g Entities and TA—SUS hd ry. acs ��ws 2. TA Tu :F e: li es. In cans deraiion.for�the tax Aba�t adept on the real iPf"erty and on tan hle pie so l "dW located.oft the Pmpody.(bee r fit on inveartory sad .s plies) and other considerationgmW.liereij4 TAWS awes as follows r.. E a, TAWS shill oan. d+i�n of a -pusuir, idpat ou molding facilitylin the N6 _elt! aid 4E9 i3 #1 a bo%} oftl em, and puesda<e compledoftofsadhmstrofionvith all d d ., I� b. TAUS shall c : z; and wa rn tbo >aa�umbgr 0 fieur �tI I oil the.penod shown baw, ow, and:9f ll.sobaroit, on then amual ohnivermy 4ae of bez 1&41; ve Dateof dais Agreement a vele stat e»> from a d party QrT b& .ad* is approved by the C s f ►Z, .. " ar of b Aim ...M vatd 00*4 tw the fia �e ,fib a cdu a ; ddiaredria dtsstated hatiln have; been met as -of December 3°1 of ach ;year tbrou& the life of this N Calendar Year # Of Fullo Tune loft Created sod h6ahtsium Lbx aft stniii; ram 40 2006 TI 1 . 1. For -the -puWa .of thf sAgpeeutga4 poste held by one.empl . , that is dieftetd ids paman t emteym fi r job sem[ bias: de _`�Asn. F , ... full ifike i >�ardt casf ,yeas. �#.:€t�ll tame-� is that is rq.:< to be Pm4ae to. tld a o>r 5 ll :i , to in k .acute '0 -jobs c .+ et4tWat& Stasiaf7i d,,, ted= or pat fitnellobs are mttondftled46U now pimmettt jobs <sn&A a . not be cauntc,&=,W time j fbrthapmposes:dal:Agreement. 22. Ppartjr Taxbateme:dt g �: Full QaMEMCop IrtsIs daObn for T�4SUS% coop liana WMAha'eb creatiti> ei� azn h f ; abeVe °the ani 1 � rY the cmmty-.-swim tf st, subject to fhe terms and conditions of d& �g e�di, the areal arty and the tamg 3e p i otdai pew lcs °ted rm:dw �� ' wtJn do kv r t su s bn 6fitiflad to 4ex"tion from roti upon tri eats Mad nft& Ifib date,hdaof amoar*g to -the follawi4g:2s bedute, ;provtdod ;thy" TA- l FWMted li do . 'the number oaf jobs P as set fa th in Pa ph: 1, bo d p vxc d l 'I' is na# to a in defaadlt ofthis Agreement. A Ill ® r t c a r r e s :+fr:sr ^y «:. at::r� LMe 4 0 da 'F `'YQx �/�.yy $ '+As d,4ai�Vi. A V �TO mIUI(W9,Jbb- q�y�. OA of Tax Awtv zttwst l % .,_.,..: W Jobs CAdella . to of Job Creation Cera isAba14 t lint 0016 4 .:: _ e 2m ` J.,.c °::.. b. fin any -ealaa'dar y during the tem of Ibis Agement. TASU9 hils W m0e..and mainliinlhe nurrrbar of j bs set fir in Patagroph 1, bait-: fe and mt aftftiit at t 75-046 of tht a burdba of rmaikod. j« 1 0, the parties a Mat the of1he tax aba me to whie TiASU --is e�tt +oto -the--mal i ague pere Prop sad -to tangflio: : lcxza tui the i' apt 8u inventory and supplies) be the p is, 4#OOWW b'i diw*- f# °gar Of jow alowny mvawo . by the mmdw of dohs- u€W to be vteat4 a .. fl at petoentage by to Oman t ofpropertyflax afe tentbowed Par gtaph 1.1, as Mows. Calendar "i You 75% orWmimum #Of` Total OA of Tax Awtv zttwst l % Jobs CAdella . to of Job Creation Cera isAba14 t lint .:: _ e 2m 36(# jo%Sd d..:.: by °::.. 2t_aeb by 2007 ► iY y 2009 7d {# flf Jftb$ 'w�% 1!y e: fin any one mar flim` TASUS f s to create or* hum N ` m o �f Total I&S simt ed" inn gr h 1 -above; f pmwisl of a +� a ft iy such -that the red Property and the tangle p+ nai-proppt -lomW un the.P pe* xu a ttcrn to &e inventcny and supplies) ;shall be d rad taxabia for Vie. ea TM1, 00 in9 is are , and TASM must reimbu=416 Taxing Entifies.forany abated motespursuant tai die iris of Sechion 9 of this Agreeruentfb sajd year. P! I°9.•:*. t: 6 f t t." t fl t `! t R:EM ' ° " f • ! : :A. t • • f ;r. t t - ° ft ..; R. PR i i i! E RN aetRHt 1 r rR)tial Pap of 10 e. is The tax S. #.. 1 *� a. #: a ! t..' } R'.. �"" Ri 4:#' N'.. # : # the -tightsof holders 4 As per the requirements of Section ° 4 Ifie Two Tu i R ` toy, iR R 4 " @ R# i,v9#: or •.. R R R6 v$R t: '"�'. E 6 3' 4. 9am9 n tLtotfVI=. TASUSarmlosubmitaUsite p1misAndcons1ruction,phos to fhb City for apiprbv,al,ptiorto beguntft cons4wh* jL 'rAS ft�r6wunderstanas-at�t I agrees that .an Dual set of WWtcuc€ On plans b ,kept - NAIh Ow DopattWeAJ of D Iopmwtt' SOMPOS of:.. of. T - " ►. 'to saarttstro an'i - stead eats in aardaureh ciaw"es, w . _ eardw City of Qecrgc��� .F . son. the t�f'`-T � .e:: td 40Y subdivision, agcnW or authatity C i f. TUM submit to,,thed Y a cemmoft of M � wi" .. vetoh.. � ��. ' pt t�f tfig Ott"fid cif COMP&MUck t silI nzakecif rho gtpey► drith the Frop bei S. t C�. tf #g PMI F of time #ht MAS is 4010119tr t�, r+r `;ri tiog or rep iu g tlta irovementO Oftho, Proge. aad,at,4 _°' .. dmval, ur ng1the term -aft Agree=4 TAM shall. tit Prqptty ,ittstrd aO � ary fire on any tither Yr. Tl shall - `sh tie wifih ' e cif urs*that: are. regiy this edit~ in # event + 'thr . _, _ ,, and. TA" " rk. :sa es Ito 'to ' ,.ratnocl l or v csfie, ro re y in a cord ce Witt l�ti or revised t the exetttptaw. from asprided for inthh10! com tlag .bio isch`t?sr is �g rem VOKO de%d, or ,.m v d. Wit '*61'Pis reAto"d to its prior 40400* the ekes p*t on ftan las bn s� reeomz •for -te:. a�g term of f the :eX tnptfOt lever, should TAI1S _deida not° 16 re, rea, b +to # dantged Fero ,,then MA d the esempption film, M tan provided for ii torts a kart "-msec, U tailed at full in a ,9f tib �mentt In iticcon, T r+�ifn urse� .each of the Taxing Entities f irlh6-amourivofthe J -provioasf y. ;ab*4 � ilu� era�en 6, iu Avg The Clty,.by pPmving the plans or arty reed p% assontesno.liability or t<esponsitf l ty UWMI ftbr for as defUt iu.- sou. _ .any ..Wa; c€tnt+etedx renovated, orrepaired ftm the Plan or approved -rev d.'iaas. ftes shall not be 4e6inW a pa -,0M or joint vztttue for pestis of tools Agtne T'JS agrees to and shall indenU*. and hold hanifl tho t.N its offlc��. ms apnts, and employees, from and against any and alt claims, losses, damages, causes of action; suits and liability of vvety TASUS i 1-R 1 ! {Tax!%: tak4mIi J «p11:;.{H Page • > ° of 10 the rate provided for de ' t taxes m aced at�ce ia8 33. t of Texas Tax COcle; apd ,ueh..iri s11 " at thef that -a ' v` .f taxes; inftftuI mid thoc _es s6[hdwithin€ or ftc ► _. wriiten demraad , r. $art Inofice OPP " . wthe 00090 pfum allt,int 't then -&b> The tmoes and inbaest. ttu become de hZq r is its `" tiffs a :ih as provided by Ian for ad vat imposed by' Bititsnni vri i "tipttry `is of the year fblMwkS Sear u " the t+eraiihation, cif , " ~ A r mentoom, m �4.A.� •...� �?ti®moo XV t �� g e a x' t rart qc a, ♦ 611 >el 9=111 t, eee t to ter s e : ® ao7er:ec a e �t arm o zt a r: .. • #e : t x: to #e. e+„ t .et: : Its e ,...` .. „-, • :•ee Y 4 !.' ®3 @: #e 3 $C °tt :: 4 " it +r6 :^, a!e /It ;.... .el ' :: �,.! e.: 0 :i@ i c+ui.. a•e b. '_tom If r+evigion off ..,. n+ t' s held t*a nr oikhm laws On a `� int t 51it',h rnAW,,ftti .: de .. et end.ft 1q, ,4 V+ cof bilitcd'te .. , IpmvWom Of his lieu of dell, prQican,exe :. _ais tri a �, provisidn t ilia ip °ttem�su3 s;nie-foh d.. "aian as tae pntt'led be:�,�, valid anti, rseaer a. Rum ft ; ... std • :.Awe std' the tiffs sib thatus x . ' athft s fits tafe of Ti: s and all obU _ ,' us of &e p -ems he ader- are pe ai�i% im wrm Tomas. d. .; •: Tfis-rrenf::esd#tt:ai'aeki the patsies her=e attd s ; es aiff I.i'atd pier wRtti Ar 8rilti,'eLtlnt$`or understandings bobveen-thevades milmlogimche:subeai#mutr. e. Aroendirietits. No amWOO c on:" Ti 41WO onoftheI=nnsheta shall be, bi it��g uf&m k sa sl i. be in wr tiff ; c t ° 24"MOW u to dad of Om 99eetn:0t and My Cm.40d by ft parttes"hereto. '�. , . . righ remade& provided by O is f. R >< � �- R,emsdces-C�am�ve. 'F he is and Agreeeat are c.im[ative and the :tom of any one rigkit or remedy by anypad=s not pre=lude or waiVe- is t -l*& 8 ,to use -any or an df ftk* =Medics. gaol- rights and rem es are �git►en in °addit onto any other.ri&ts the parties my have by Law;; statute, otl name or athmm ise. g. Werra ver. No waiver by either of the Taxing Eutrtt es in any event of do&Wt V r=., M 6 :1 0 M Z4 or breach of any cavi, edition or stipulation °hn.coAtaned by MW s -b -Vvated as a diver of air su1�s��ui d or breach, ©f`the sa es. or my other cover, toudit on or soon hereof. t a ^{p t ''fY- +?tY « r of 1 a : a;f : a r r* if a s a f t written approval1 ✓`. h1 1 the '1. 4 j'. m f 9. ,. «. a 9 mti a s a «I 1 11111111 rrY f? t yi ' f r !f ; t if E A f a 1 r a` a! :.:I cow: CIO ORIOP Gec xViovm Texas fib i L #7414 ri w.. i-tt and g0. W �- i'k;31t+.t Wm=t that:the have,tie autha t to mute this eti t on-heh f-df±ffie'Q'-C®untY and- TAWS, ndTAWS, raspev*. Pap 7 of 16 0 SWNM in multiple ori&als, oft this the A,- day -of 2004o CITY 4F GEOR.GI TOWN, MLAS IIA G r&V k - PEA COP A 04, Pa City Agomoy TASUS CORDO A.TIONs an bidisna Cbrpotudon WHIIA- ON COUNTY, TES JIor, + m jwv anbyS .�� .: ,cry Circ STATE OF 0 } C OUNTY OF ff +ia7etapr.3taii of-, the city.ar thesc*vf£ imu.. STATIR OF TEAl " COUNTY OF WILLUMSON rt o S m s f r: sf +:�t ' U: :.+.51m d P". a ! f me on -this tbaof 20%, by Imown to me, is capadw as of, TA- ' 'en, n 6e�c f sed torpdrAdon. Stag +af tPOIMM ACI- 6 G M = T on t the.Y� = by air:c� GC"it of�r CORPORATE ACM, OWLEDGMENT befmme:onbusthe_ 10 ofP26,:�AA Iby g son Ic pwn to me, in his cVac ty as of -he County of Williutison, Tem on bi W of'the Wau,fi,'T " !3 Trod-, One (1) of Geo wn WusWd Park SouthrWest PbasP4. Section One, as girded in Cadet "Sm, Slid S 155'' noughr 159` ofthe P Fj=ft 0f VOdII�Qn €�ut aLy: Tom& tt.=ta o t «t<;�: a t '::. e. a: •' # a. � �t sr a � a' tt t •� $: k. t 99 3 ri ! t� F+ t 4 a. � i ,t a e: a. 1 a I� a a a • fat t t#+ TAOM-CorportfionTuAbdementA A ®:a Mont Pap 10 of eUrr MRK �x �a 943, 4 Is •�.+.w�.r.w.��.naw�rwn�rww...rywr.«n��:w�.w... INUED MPOCITY OF 6EUR6ETM SPT P25 DATE 66/23/2 0 17-:09 f i DDRO POS FtE 1-2 ANT 36.off .,3 TOLai knot DUG $3-6vOO 04 AMT 1.96 36v,0Q atilt paymtsY eVfl MON% w*l7'PM $3,35voo, T X Yqu ��{{r.r 1 -8 R t V DM, ty. ANOE t LX tV%g t i THE OF , , COUNTYOF ! CITY OF # ! , g ►tt' �Y t1 °t/ r ! •' III !'III MOR, WHEREAS, TASUS Corporation, Inc., an Indiana Corporation authorized to do business in Texas (hereinafter "TABUS") desires to expand its business by constructing a plastic injection molding manufacturing facility on a certain tract of land in Williamson County, Texas, more fully described on Exhibits "A" and "B" which are attached hereto and incorporated herein by reference (hereinafter "the Property"); and WHEREAS, on January 13, 2004, the City Council of the City of Georgetown ("City") adopted a Resolution stating that the City elects to become eligible to participate in a property tax abatement for real property and for tangible personal property located on the Property for TASUS pursuant to Section 312.002(a) of the Texas Tax Code; and 1111111 Ir Tax Code and therefore qualified for tax abatement subject to the approval of the specific te of the tax abatement agreement by the City, and WHEREAS, after designation of the Reinvestment Zone, the City, Williamson County, and TASUS entered into a property tax abatement agreement as authorized by Chapter 312 of the Texas Tax Code ("Tax Abatement Agreement"); and NOW THEREFORE, as additional consideration for the agreement by TASUS in the Tax Abatement Agreement to construct a plastic injection molding manufacturing facility on the Property and to create the number of jobs set forth in the Tax Abatement Agreement, the City and TASUS further agree as follows: L The City agrees to expand the existing drainage structure located near the northeast property line and Austin Avenue, and to construct a public road and associated drainage improvements from Austin Avenue to the Property. 2. The City agrees shall construct appropriate water and wastewater lines from existing City facilities to the TASUS facility, provided however, that if the cost constructing such service lines exceeds a total of TEN THOUSAND DOLLARS ($10,000) then T ASUS shall pay to the City the full amount of such additional costs within thirty (30) days of receipt from the City of an invoice for such costs. 3. Nothing in this Agreement relieves TASUS of the obligations to pay the City's tap, impact, and other development related fees as required by the City's applicable ordinances, and TASUS shall be obligated to pay such fees in accordance with the terms Utility and Infrastructure Agreement TASUS Corporation Page 1 of 6 Pages of the City requirements. 4. In the event that TASUS fails to comply with the Tax Abatement Agreement following notice and opportunity to cure as set forth is said Tax Abatement Agreement, TASUS shall reimburse to the City TEN THOUSAND DOLLARS ($10,000) for the cost of the water and wastewater lines referred to in Paragraph 2 of this Agreement. Payment of such costs shall be due within thirty (30) days of the City's written demand therefor. •t+i• BL Attorneys Fees. Should TASUS breach or default its obligations under the terms, conditions, or covenants of this agreement, and it is necessary for the City to retain the services of an attorney or attorneys to enforce or defend any of the rights or remedies hereunder, the City shall be entitled to any reasonable attorney's fees, costs, or expenses incurred in connection therewith. b, Severabi If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or laws effective I this Agreement in effect, provision shall be automatically deleted from this agreement and the legality, validity and 64V " E • i ! '" i ' ! ! • t i E t •'J ii ' / ! i " :«i Ii ' t t • f lieu of such deleted provision, 1" i. be .!!ti automaticallypart of this Agreement pmasion thatli 1 / 1! t / i !" i i• i I i/ , i i• i. and yet be legal, valid and enforceable. c. Place for Performance and Applicable Law. TASUS and the City agree that this Agreement shall be construed under and in accordance with the laws of the State of Texas and all obligations of the parties created hereunder are performable in Williamson County, Texas. d, Prior Agreements Superseded. This Agreement constitutes the sole agreement if the rr�arties herein and slITACTsed understandingsbetween the partiesA i' to the subject Et. e. Amendments. No amendment, modification o r a Iteration o f t he t erms h ereof shall be binding unless the same shalt be in writing, dated subsequent to the date of this agreement and duly executed by the parties hereto. f. R iahts a nd R emedies C umulative. T he r ights a nd remedies p rovided b y t his Agreement are cumulative and the use of any one right or remedy by any parties shall not preclude or waive its rights to use any or all of their remedies. Said rights and remedies are given in addition to any other rights the parties may have by Law, statute, ordinance or otherwise. g. No Waiver. No waiver by either of the City in any event of default, or breach of any covenant, condition or stipulation herein contained by TASUS shall be treated as a waiver of any subsequent default or breach of the same or any other covenant, condition or stipulation Utility and Infrastructure Agreement TASUS Corporation Page 2 of 6 0 hereof h. Assi mment. This Agreement may not be assigned by TASUS without the prior written approval of the City. i. Notices. Notices as required by this Agreement shall be in writing and delivered to the parties at the addresses stated below. TASUS: CITY: City Manager P.O. Box 409 Georgetown, Texas 78527 Changes of address shall be made by delivering notice to all parties at the above addresses. J* Signature Warrauty Clause The signatories to this Agreement represent and TASUS Corporation Page 0 CORPORATESTATE OF TEXAS O` ! 1 COUNTYOF 4' instrument was acknowledged before me on this theA+'%,- day of MACC 20041 of TASUS Corporation, corporation, on behalf of said corporation. LOT • Public if for i State t } CORPORATE ACKNOWLEDGMENT CO OF WILLIfAMSON } This instrument was acknowledged before me on this the ©`day of004, by Gary Nelon, a person known to me, in his capacity as Mayor of the City of George wn on behalf of the City Council of the City of Georgetown. Utility and Infrastructure Agreement TASUS Corporation Page 5 of 6 Notary Public in and for the State of Texas 0 0 By; SIGNED in multiple originals, on this theZ,Wday ofMrtc , 2404. Mayor I as to form: is E. Carls City Attorney Title: S; dnr.A" Utility and Infrastructure Agreement TASUS Corporation Page 4 of 6 EXHIBIT "A" Property Description Tract O ne (1) o f Georgetown Industrial Park South-West Phase, Section One, as recorded in Cabinet "V% Slides 155 through 159 of the Plat Records of Williamson County, Texas. SAVE AND EXCEPT: That tract of land being 1.26 acres of land out of the Ruidoso Irrigation Survey No. 207, Williamson County, T exas, and b eing a p art o f T ract O ne (1) o f Georgetown Industrial Park South-West Phase, Section One, as recorded in Cabinet "E," Slides 155 through 159 of the Plat Records of Williamson County, Texas, and said 1.26 acre tract being more fully described in Exhibit `%," which is attached hereto and made a part hereof as if set out in full herein. Utility and Infrastructure Agreement TASUS Corporation Page 6 of 6 s LEGAL DESCRIFTION FORTASUS CORPORATION USIM d I{ ,: _ of U4 situatstr1a. 6c Cleasat Sotbkfikld Sumy. 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ZI 11 d +J t:. .Lw°.. •P:!• i v it.. i T 7"4 I 0 I t "i 11111�111IT4 Q VJ 11 INCENTIVES INTRODUCTION Through an extensive community visioning and strategic planning process completed in 2002, the people of Georgetown established a set of economic development principles that are designed to guide the implementation of the community's business assistance and incentive programs. These principles reflect a common vision to promote economic growth and diversity in Georgetown, while also preserving the community's historic heritage, uniqueness and superior quality of life. It is intended that these principles shall directly impact the implementation steps including, at a minimum, City policy, website marketing, the City's processes, and contractual agreements negotiated with companies. The purpose of these Principles is to help establish the official policy and procedures of the City of Georgetown, Texas for the granting of incentives used for economic development purposes, in accordance with the provisions of Texas' State Law. Located along the IH -35 corridor, Georgetown became the fastest growing community within the second fastest growing county in Texas during the 1990's. In recent years, the community has experienced substantial growth in the retail sector, including multiple auto dealerships, a mixed-use commercial development and a major regional shopping mall. The City will soon be linked with the Austin -Bergstrom International Airport via State Highway 130 to the southeast and to other communities via the extension of Partner Lane to the west. The City is in the path of rapid growth extending northward from Austin, which has already engulfed the nearest communities to our south and resulted in dramatic changes to those areas, both positive and negative in nature. Georgetown welcomes the expansion of economic opportunities, community wealth and living standards for its citizens, but is also concerned about the possible deterioration of our quality of life and loss of community identity. Georgetown's location along one of the continent's most important international trade corridors and within one of the world's leading high-tech metropolitan areas makes it a prime location for new business investment and residential growth. However, as Georgetown benefits from closer links to the Austin metropolitan economy, it must also contend with associated traffic and environmental impacts. It is not realistic for Georgetown to insulate itself from the regional economy or utility and transportation infrastructure. However, we can employ an economic development program that embraces our cultural and historical roots, while guiding us toward a local economy that is vibrant and resilient enough to withstand economic shocks. We must also continue to support the quality of life and environmental standards that make Georgetown special and that our community expects. Incentive Principles I Approved by City Council Feb. 11, 2003 Consequently, we have a responsibility to emphasize diversity as we expand our economic base, and to nurture and protect our unique historical identity and quality of life. We seek mutual participation by both companies and the community in the enjoyment of and preservation of quality of life and the city's identity. We seek a diversified tax base, one not dependent upon any single business or business sector. We will leverage our city -owned utility system and transportation infrastructure whenever we can to support our goals. This incentives statement is designed to embrace and manage the growth of Georgetown to meet these responsibilities. R i . Georgetown will achieve its economic goals through cooperation and synergy with our regional partners, including the Greater Austin Chamber of Commerce and the Georgetown Chamber of Commerce. We will coordinate recruitment opportunities with the Lower Colorado River Authority (LCRA.), Texas Commission on Environmental Quality (TCEQ), Georgetown Transportation Enhancement Corporation (GTEC), the Texas Department of Transportation (TxDoT) and other regulatory and infrastructure providers. We will coordinate educational and workforce development opportunities with Southwestern University, the University of Texas System, the Austin Community College System, and other educational and research providers. The securing of private economic growth and development and the addition of new jobs within the area.are important current and long-term objectives of the City of Georgetown. To achieve this objective, the city of Georgetown has established economic development goals and objectives. Georgetown's economic development goals were derived from substantial citizen input, as well as extensive research and planning by the City of Georgetown economic development staff and the City's Economic Development Commission. These goals focus on achieving sustained economic development while simultaneously: ♦ Preserving the historic heritage, uniqueness, small-town feel, and superior quality of life in the community. ♦ Protecting the natural beauty and physical environment. ♦ Promoting viable educational opportunities to provide a dynamic workforce. ♦ Enhancing public/private cooperation to promote the historic downtown business district and tourism. e Maintaining one of the lowest city property tax rates in the region. ♦ Developing economic strategies to benefit our citizens. ♦ Broadening the diversity of our industrial/commercial business segments. Incentive Principles 2 Approved by City Council Feb. 11, 2003 ♦ Welcoming businesses desiring to move here, and being highly selective with the application of new business incentives. ♦ Unifying our citizens behind common goals in economic development. ♦ Defining and marketing specific attributes of our community to businesses. ♦ Defining the processes and infrastructure needs of the city as a means of promoting the enticement of desirable new businesses and the retention of existing business. Additional information and detail about these Objectives and Goals can be found in the Economic Development Strategic Plan 2002 — 2404 adopted by the City of Georgetown in 2002 as recommended by the City's Economic Development Commission. This Plan and other relevant information is available on the City's economic development website at www.InvestGeorgetown.com. INCENTIVES The City of Georgetown is dedicated to attracting and retaining quality firms that employ a highly skilled labor force and compensate their employees at or above the occupational median wage of the Austin MSA. The City has hired a Business Recruitment and Retention (BRR) contractor to help facilitate the City's economic development strategy and to work directly with candidate companies. This economic development strategy uses cooperative City/Business relationships to capitalize on Georgetown's superior quality of life, utility and transportation infrastructure and services to create advantages for business and for the Georgetown community. We aim to use Georgetown's strengths to enhance the economic value to the private sector and to enhance the overall wealth of the community. These cooperative City/Business relationships will be based on: ♦ The candidate firm concurring with the goals and objectives of Georgetown's economic development strategy. ♦ A complete development plan presented by the candidate firm that clearly states investment, hiring plans, commitments, and long -duration financial performance guarantees. ♦ Georgetown's agreement to help the candidate firm match its facilities needs to the City's Land Use Plan and Map, zoning requirements, transportation access and other City resource plans. Incentive Principles 3 Approved by City Council Feb. 11, 2003 ♦ Georgetown's agreement to realistically consider each candidate firm's proposal based on its specific merits. Standard benefits are available to all businesses while some special benefits may be available to businesses that match the community's goals. Georgetown's agreement to consider offering a candidate firm benefits, services and economic development incentives based on the candidate firm's development proposal, investment and hiring plans. .► Agreements subject to City/Business negotiation, EDC recommendation and City Council approval. Commitments to the City by the firm must be clearly stated and long -duration financial performance guarantees must be given with the proposal so that the community investment can be protected. KIM The City will consider incentives after a business submits a full and complete application and provides any and all additional information as may be requested by the City. For qualified companies, the following categories of assistance or incentives may be available to new or expanding firms seeking to do business within the community: Utility and Transportation Infrastructure: Special utility incentive: Georgetown Utility Systems (GUS), the municipally owned power and water supplier, has adopted electric rate policies that permit reduced rates for customer rate classifications or categories based upon load factors and the efficiency of the user. Agreements may be available to reduce utility rates based upon usage categories adopted. Special utility incentive: Georgetown Utility Systems has the capacity and flexibility to offer qualified companies infrastructure improvements and extensions at reduced cost. Such incentives may include improvements to curbs and gutters, street paving, water and sewer, electrical supply, and public lighting. Standard utility incentive: Georgetown's Unified Development Code has established high-quality construction standards for new development that occurs within City jurisdiction. City development policy permits developments that are required to construct utility improvements to recover a percentage of the utility construction cost from future developments that will connect to the utility improvements. Special infrastructure incentive: City voters have approved special sales tax funding for the Georgetown Transportation Enhancement Corp (ETEC). Funds may be available in certain growth corridors to finance roadway improvements for commercial/industrial development. Freeport Exemption: Businesses involved in the export of tangible property such as goods, wares, and merchandise may be eligible for the Freeport Exemption. This Incentive Principles 4 Approved by City Council Feb. 11, 2003 incentive is designed to exempt some or a company's entire inventory from property taxes. To be eligible, property must be assembled, stored, manufactured or fabricated locally and then exported out of the state within 175 days after the property was acquired or imported into the state. Facilitation of Permits: The City of Georgetown is eager to work with companies locating or expanding in the City with permit assistance so that the process is efficient and without last stage surprises. Business Planning and Market Analysis: The City's Economic Development Department and Business Recruitment and Retention contractor may be available to assist the company in assessing the impact of the firm's products or services in the local and regional economy. Sites and Building Inventory: The City (in cooperation with the Georgetown Chamber of Commerce) maintains a current inventory database of potential building sites and existing available buildings. Job Training Funds: The City of Georgetown will assist companies locating or expanding in Georgetown in securing state provided job training assistance. The State of Texas, through the Texas Workforce Commission, offers the Skills Development Fund to finance customized job training for local businesses that is provided by public community and technical colleges. Capital Grants and Loans: The State of Texas offers a number of grant and loan programs designed to provide companies with various capital access and expenditure assistance. The City of Georgetown will work with locating or expanding companies to apply for and secure this assistance. The programs include: Texas Capital Access Fund hifrastructure Grant Program Real Estate Development Program Industrial Revenue Bonds: The State of Texas Industrial Revenue Bond Program is designed to provide tax-exempt financing to finance land and depreciable property for eligible industrial or manufacturing projects. The Development Corporation Act allows cities, counties, conservation and reclamation districts to form non-profit industrial development corporations or authorities on their behalf. The purpose is to issue taxable and tax-exempt bonds for eligible projects in their jurisdictions. The industrial development corporation acts as a conduit through which all monies are channeled. Generally, all debt services on the bonds are paid by the business under the terms of a lease, sale, or loan agreement. As such, it does not constitute a debt or obligation of the governmental unit, the industrial development corporation, or the State of Texas. Revolving Loan Funds: The Williamson County and City of Georgetown revolving loan funds may be available to manufacturing, research and other primary employer firms that meet our community priorities and create or retain specified numbers of jobs in the City or County. Incentive Principles 5 Approved by City Council Feb. 11, 2003 Tax Increment Financing_(TIFk Tax increment financing is a tax reinvestment tool that allows local governments to publicly fund needed structural improvements and enhanced infrastructure within a defined area. TIFs work by allowing taxing entities to repay the costs of improvements into a designated area, with the future tax revenues generated by increasing property taxes. Texas Leverage Fund: The Texas Leverage Fund is an added source of financing for communities that have passed the economic development sales tax (such as Georgetown). Funds can be loaned (at favorable interest rates) directly to the local Industrial Development Corporation (IDC) to finance eligible projects. Sales taxes pledged by the IDC need only be sufficient to cover project annual debt service. The maximum loan amount is generally 4 to 5 times the IDC annual sales tax revenue. Enterprise Zones: The City of Georgetown and Williamson County are allowed by the state to have various enterprise zones that provide tax abatement, sales tax refunds, franchise tax refunds, training funds, attractive financing programs, and other special incentives for firms investing in the zones. Special Downtown Redevelopment District: Tax reductions and funding assistance may be available for investments in or near our historic town square. Foreign Trade Zone: Foreign trade zones (FTZs) are sites in or near a U.S. Customs port of entry where foreign and domestic merchandise is generally considered to be in international trade. Goods can be brought into a zone without formal Customs entry or without incurring Customs duties or excise taxes unless and until they are imported into the United States. Texas Manufacturing Assistance Centers: TMAC exists to enhance the competitive position of the state's manufacturing sector. Manufacturing specialists work with small to medium-sized manufacturers, providing technical support and implementing best business practices. Typical areas covered include cost management, productivity improvements, environmental assistance, software systems selection and application, and e-commerce decisions. Tax abatement programs on real or personal property: The City of Georgetown may offer tax abatements for commercial or industrial new business construction, or facility expansion, as well as business personal property tax associated with real property. City abatements are granted through an approved contract with the Georgetown City Council. Similar abatements may be available from Williamson County. After City qualification, the City will assist in seeking agreement with the County taxing authorities. Community based amenities facilitated: Relocation assistance for key personnel Special banking and mortgage assistance 4 Job fairs to attract employees ♦ Residential real estate assistance ♦ Community orientation, introduction and tours ♦ Spouse employment assistance ♦ Welcome and announcement/press conference coordination Identification of business support services Incentive Principles 6 Approved by City Council Feb. 11, 2003 STANDARDS FOR DETERNUNING BENEFITS The City will grant incentives only upon a clearly articulated, direct economic benefit that advances its economic development goals, including the creation of additional jobs and the stimulation of additional private investment. The economic benefit will be determined initially by the performance of a cost -benefit analysis. In deternnining the amount and term of an incentive to be granted, and in performing a cost -benefit analysis, consideration shall be given to various factors, including but not limited to the following: a. Whether the business increases property valuations or employment, b. Whether there will be increases in tax revenue resulting from the new or expanded business including gains in property tax during and after the incentive period and new sales tax revenue to the area; c. The overall payroll contribution the business makes toward the earnings and disposable income within the community; d. Whether above average salaried positions are created by the business; e. Whether the business utilizes unemployed labor and under-utilized employee resources; £ The degree to which the business improves the diversification of the local economy; g. Whether the market for the products or services of the business is outside the community, brings new money to the area, and thereby aids in the regionalization of the Williamson County area; h. The potential of the business having additional future expansions, adding jobs, and new or expanded development of associated or ancillary businesses; i. Whether a business beneficially impacts secondarily on the economy creating new businesses and jobs; j. Whether a business directly or indirectly adds expense to local units of government and stresses valuable public resources; k. The degree to which a business is directly subsidized by tax paying residents as a result of the loss of tax revenue during an incentive period; or 1. Other items to be determined by the City. 1104 Biel V In order for the City of Georgetown to evaluate the scope and extent of possible economic development incentives that may be considered, a prospective firm seeking incentives should first consider meeting with the City staff and/or the BRR contractor to gain a complete understanding of City goals and policies. The firm may submit a proposal to the City outlining the matches between the City's economic development goals and the expansion plans for the firm. The possible matches should be clearly described for all community Goals A through K (Section 2) and the firm's plans for each of these goals. The prospective firm may outline the forms of assistance it seeks from the City while demonstrating the benefit to the City for providing these incentives. Incentive Principles 7 Approved by City Council Feb. 11, 2003 Through a negotiation process the City, the EDC, and the prospective firm may reach agreement that would be translated into a required contract. This contract would require public disclosure of the dollar amounts of any public sector incentives offered, and it would be structured to protect the interests of both the City and the prospective firm. The contract would then be presented to the City Council for final approval. The City has taken precautions to streamline this process so that the overall negotiation and approval can be accomplished in a minimum amount of time. The BRR contractor may be of particular benefit in protecting the confidentiality of competitive information from a prospective firm. The City seeks mutually beneficial outcomes from these negotiations and will work confidentially with firms who do not wish to have their name and their plans 'before the public during early negotiation stages. The City strives to make the process efficient and predictable with no end-stage surprises. It is the intent of the City to avoid participation in "bidding wars" between Central Texas cities or local areas competing for the relocation of an existing Central Texas business through attempts to offer the largest incentive or public inducement. We believe that this is detrimental to the state's economy and the public interest. This policy does not preclude the providing of information to businesses that inquire about the City or are seeking an expansion rather than relocation. It also does not preclude the granting of an incentive in those situations where: (2) the business has already made a decision to relocate or expand, or (b) the business is seriously considering moving out of the Central Texas Region or State. 0 1 [of W4_0f Uf No incentive shall be granted by the City prior to a public disclosure of such incentive in an open hearing thereon. All participants both public and private are required to disclose any conflict of interest, relationship, and/or any compensation received for services provided in facilitation of any incentive. Notice of the public disclosure shall be published at least 72 hours prior to the hearing in the official City newspaper, giving the time and place. The hearing may be held at a regular or special meeting of the City. Georgetown is open for business. To protect and to achieve the community's goals the City is prepared to consider any form of economic incentive or business assistance that is generally available in Texas and approved by the Texas Attorney General as appropriate for commitment of taxpayer assets. After rapid but careful review of the proposals from Incentive Principles 8 Approved by City Council Feb. 11, 2003 .i . .> 1,14 i qualified companies, the City will endeavor to negotiate mutually beneficial agreements with suitable firms to help them thrive in the economic and community strengths of Georgetown. Companies are encouraged to explore the possible move or expansion of the firm to Georgetown. For more information about assistance with business planning, please contact the City of Georgetown Economic Development Department at (512) 930-3546 or E-mail Mark Thomas at mthomas@georgetowntx.org. Incentive Principles Approved by City Council Feb. 11, 2003 9