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HomeMy WebLinkAboutRES 920244 - Special Assistance GrantRESOLUTION NO. ?2 OZ Vol WHEREAS, the City of Georgetown is actively engaged in economic development; and WHEREAS, the City of Georgetown desires to create new jobs for its residents; and WHEREAS, Poly Resources, Inc. desires to establish a business in Georgetown; and WHEREAS, financial assistance is needed to complete the start up of the business. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCEL OF THE CITY OF GEORGETOWN, TEXAS, THAT: 11e 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 of Georgetown shall encourage diversified growth, promote opportunities to create jobs, of economic fluctuations"; and has found that this action 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. The City Council has reviewed and hereby approves an application for: Poly Resources Recycling, Inc. working capital of $92,000.00 grant administration of $8,000.00 and agrees to comply with all assurances executed in connection with the application, and funded, the award. 11 Resolution No. 12 0z vel Poly Resources Recycling, Inc. Governor's Special Assistance Fund Page 1 of 2 Pages 610mv The Mayor is hereby authorized and directed to act on the City's behalf in all matters pertaining to this application. The City Council has reviewed and hereby agrees not to participate in program income recaptu]M tv wide Revolving Loan ´┐Żurlffl to be used by the State to fund future economic development awards. By agreeing to th;1M measure, the City understands that it will be eligible to receive as many Texas Capital Fund a ow a Tim UsTo Businesses awards el as it has eligible projects. This determination must be made at the time the original award made and cannot be changed with subsequent awards for this program year or retroactively subsequent program years. I RESOLVED this day of n, 1992, by the following vote: A -YES ´┐Ż Attest: Elizabeth Gray, City S cretary City Attorney Resolution No. Poly Resources Recycling, Inc. Governor's Special Assistance Fund Page 2 of 2 Pages