HomeMy WebLinkAboutRES 980728-PRESOLUTION NO. 7O
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, DECLARING THE OPERATION OF C3
COMMUNICATIONS, INC. ("C3) AT THE FACILITY LOCATED AT 300
INDUSTRIAL AVENUE, GEORGETOWN, TEXAS, AS AN ECONOMIC
DEVELOPMENT PROJECT AND AUTHORIZING THE STAFF TO
TRANSFER AN ECONOMIC DEVELOPMENT LOAN FROM CODE
ALARM/TESSCO TO C3 PURSUANT TO THE CITY'S INVESTMENT
POLICY AND AUTHORIZING THE CITY MANAGER TO EXECUTE ALL
DOCUMENTS RELATIVE TO THE LOAN GUARANTEE.
WHEREAS, in 1991, the City of Georgetown loaned Tessco/Code Alarm the sum
of $450,000 for improvements to real property for the purposes of job creation in
Georgetown; and
WHEREAS, the rate of return received by the City is greater than the returns that
the City currently receives on its traditional investments; and
WHEREAS, these types of loans specifically require Council authorization prior to
investment; and
WHEREAS, Tessco/Code Alarm has ceased their operations in Georgetown and
desires to have the note transferred to a future tenant; and
WHEREAS, the City of Georgetown has actively recruited C3 to locate in
Georgetown; and
WHEREAS, C3 will create approximately 60 jobs in Georgetown and will provide
research development and technical support to the fixed wireless meter reading system
currently being installed by the City;
WHEREAS, the loan is guaranteed by the State of Texas.
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 the following policies of the Century Plan - Policy Plan
Element:
C3 Project Resolution No. �ID `1-24F—
Page 1 of 2
1. Economic Development Policy End 1.0, 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."
SECTION 2: The operation of C3 at the facility located at 300 Industrial Avenue,
Georgetown, Texas is hereby declared to be an economic development project pursuant
to Chapter 380 of the Local Government Code.
SECTION 3: The City Manager is hereby authorized to execute all loan documents
and other related documents permitting the transfer of the loan from Code Alarm/Tessco
to C3.
SECTION 4: The City Manager is hereby authorized to execute all necessary
documents to effectuate the transfer of the loan guarantee with the Texas Department of
Economic Development from Code Alarm/Tessco to C3.
SECTION 5. The Mayor is hereby authorized to execute, and the City Secretary to
attest thereto this resolution on behalf of the City of Georgetown.
SECTION 6. This resolution shall be effective immediately upon adoption.
RESOLVED this ---2S�44 day of-S'u-L`d , 1998.
APPROVED:
Leo Wood
Mayor
APP V D AS TO FORM:
Marianne Landers
ity Attorney
C3 Project Resolution No. ! Go
Page 2 of 2
ATTEST:
/el
rSandra D. Lee
City Secretary