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HomeMy WebLinkAboutRES 970128-O - Fund Grant Don HewlettRESOLUTION NO.97a1a8-- D A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, APPROVING AN APPLICATION FOR FUNDING THROUGH THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS REAL ESTATE DEVELOPMENT PROGRAM; AUTHORIZING THE CITY MANAGER TO ACT ON THE CITY'S BEHALF WITH REGARD TO THE SUBMISSION OF THIS APPLICATION; AGREEING NOT TO PARTICIPATE IN PROGRAM INCOME RECAPTURE; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City Council has reviewed and approves an application for Don Hewlett Chevrolet, Oldsmobile, Buick, Inc. in the following amounts: Construction $500,000 Administration 35,000 Total $535,000 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 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 Economic Development Policy 1 of the Century Plan - Policy Plan Element, which states: "The City has a broad tax base with minimal impact from economic fluctuation, through diversified growth and business opportunities to create jobs."; 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. The City Manager is 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 hereby agrees not to participate in program income recapture and will return all program income to the State to be placed in a 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 Hewlett Resolution No. 970/,Z,?ā€” 0 Page 1 of 2 Pages made and cannot be changed with subsequent awards for this program year or retroactively in subsequent program years. SECTION 4. The Mayor is hereby authorized to execute, and the City Secretary to attest this resolution on behalf of the City of Georgetown. SECTION 5. This resolution shall be in full force and effect immediately from and after its passage. RESOLVED this Ryd' day of Tf94VUi4Z Y , 1997. AYES: I NAYS: 0 CITY OF GEORGETOWN Leo Wood, Mayor Approved as to form: Marianne Landers Banks, City Attorney Hewlett Resolution No. 9701oZ pā€” 0 Page 2 of 2 Pages ABSENT: C Attest: Sandra D. Lee, City Secretary