HomeMy WebLinkAboutEDCRes2014.08.03ANNA ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. as 4-0e-`03 (ED6)
A RESOLUTION OF THE ANNA ECONOMIC DEVELOPMENT CORPORATION
AUTHORIZING EXECUTION OF AMENDED ECONOMIC DEVELOPMENT
INCENTIVE PERFORMANCE AGREEMENT WITH EMPOWERED TRAINING
CENTRE, LLC
WHEREAS, on December 10, 2013 the City Council of the City of Anna, Texas
approved Resolution No. 2013-12-10 authorizing the Anna Economic Development
Corporation ("EDC") to enter into the Economic Development Incentive Grant for Capital
Investment Performance Agreement("Performance Agreement"), with Empowered
Training Centre, LLC (the "Company") a copy of which is attached hereto as Exhibit A;
and
WHEREAS, the EDC and the Company duly entered into the Performance Agreement;
and
WHEREAS, under Section 3(b) of the Performance Agreement the EDC and the
Company had intended that the Company would have access to a line of credit from the
Anna Economic Development Corporation; and
WHEREAS, the Board of Directors of the EDC has determined that it would be
appropriate if the line of credit was provided and administered by the Anna Community
Development Corporation instead of EDC; and
NOW THEREFORE, BE IT RESOLVED BY THE ANNA ECONOMIC DEVELOPMENT
CORPORATION, THAT:
Section 1, Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
Section 2. Authority to Execute Amended Performance Agreement
The EDC hereby authorizes the EDC President to execute the amendment as stated
above, on the EDC's behalf, subject to form of same by the EDC's legal counsel, and
any necessary approval by the City of Anna City Council.
EDC OF ANNA, TEXAS RESOLUTION NO.;Z61q'0%'� (Ube-) PAGE 1 OF 1
PASSED ND APPROVED by the Anna Economic Development Corporation this
day of 6-, 2014.
APPROVED:
Z/0'
Alon746 Tuts n, EDC Vice -President
EDC OF ANNA, TEXAS RESOLUTION NO.0,61 q'0 V (R6) PAGE 2 OF 2
Exhibit A
AMENDED ECONOMIC DEVELOPMENT INCENTIVE GRANT FOR CAPITAL
INVESTMENT
PERFORMANCE AGREEMENT
This Amended Economic Development Incentive Grant for Capital Investment
Performance Agreement (this "Amended Agreement) is made and entered into by and
between the Anna Economic Development Corporation, the Anna Community
Development Corporation, and Empowered Training Centre, LLC (the "Company").
WITNESSETH:
WHEREAS, on December 10, 2013 the City Council of the City of Anna, Texas
approved Resolution No. 2013-12-10 authorizing the EDC to enter into the Economic
Development Incentive Grant for Capital investment Performance Agreement with
Empowered Training Centre, LLC ("Performance Agreement"), a copy of which is
attached hereto as Exhibit A; and
WHEREAS, the Anna Economic Development Corporation and the Company duly
entered into the Performance Agreement; and
WHEREAS, under Section 3(b) of the Performance Agreement the Anna Economic
Development Corporation and the Company had intended that the Company would
have access to a line of credit from the Anna Economic Development Corporation; and
WHEREAS, the parties to this Amended Agreement have agreed that it would be in
said parties' collective interest if the line of credit was provided and administered by the
Anna Community Development Corporation instead of the Anna Economic
Development Corporation; and
WHEREAS, the Anna Community Development Corporation has found that entering
into this Amended Agreement will promote new and expanded business development in
the City;
NOW, THEREFORE, in consideration of the foregoing, the mutual benefits, promises
and undertakings of the parties to this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto covenant and agree as follows:
Section 1. Recitals Incorporated.
The above -stated recitals are incorporates into this Agreement as if set forth in full and
constitute material representations by the Company and Anna Economic Development
Corporation to induce the other party to enter into this Agreement.
AMENDED ECONOMIC DEVELOPMENT INCENTIVE GRANT FOR CAPITAL INVESTMENT PERFORMANCE
AGREEMENT
PAGE 1 OF 4
Section 2. Incorporation and Amendment to Performance Agreement.
The Performance Agreement shall continue to be in full force and effect in all respects
and is incorporated herein by reference with the exception that Section 3(b) of the
Performance Agreement shall be amended to read as follows:
(b) The Anna Community Development Corporation will make a line of credit
available in the amount not to exceed $4,500 per month for 24 months which
would be paid back with interest and the details of such line of credit outlined
in a separate document that will serve as an addendum to this Agreement,
as amended. Providing the line of credit will be the sole obligation of Anna
Community Development Corporation under this Agreement, as amended.
IN WITNESS WHEREOF, the parties hereto have executed this Amended Agreement.
Anna Economic Development Corporation
By:
Alonz6 Tutson, its Vice - President
STATE OF TEXAS §
COUNTY OF COLLIN §
ovA�� Laurelta Kay Bladceter
My Commission Expires
04101/2017
Before me, the undersigned notary public, on the ' ;, day of2014,
personally appeared Constance Ann Stump known to me (or proved to me) to be the person
whose name is subscribed to the foregoing instrument and acknowledged to me that she
executed the same in her capacity as President of the Anna Economic Development
Corporation and on behalf of the Anna Economic Dgvelopment Corporation. _ ,I
Nota Public, State of a as
[REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]
AMENDED ECONOMIC DEVELOPMENT INCENTIVE GRANT FOR CAPITAL INVESTMENT PERFORMANCE
AGREEMENT
PAGE 2 OF 4
Anna Community Development Corporation
By:
--
J66n Houck, its President
STATE OF TEXAS § .�"', � L raw
COUNTY OF COLLIN §
Before me, the undersigned notary public, on the �Aday of
a20149
personally appeared John Houc�elc, known to me (or proved to me) to be the rson whose
name is subscribed to the foregoing instrument and acknowledged to me that he executed the
. QA &g. 4
same in his capacity as President of the Anna Community Development Corporation and on
behalf of the Anna Community Development CoF on.
100%
*a",;
Notark Public, State of TexAs
AMENDED ECONOMIC DEVELOPMENT INCENTIVE GRANT FOR CAPITAL INVESTMENT PERFORMANCE
AGREEMENT
PAGE 3OF4
Empowered Training Centre, LLC
By:
AAu ' itlani, its Director and Manager
STATE OF TEXAS § �,��Lamm My
COUNTY OF COU.IN § _ _ _ _ ONM=17
Before me, the undersigned notary public, on the JIM6day of 20140
personally appeared Mubina Gillani known to me (or proved to me) to be person whose
name is subscribed to the foregoing instrument and acknowledged to me that she executed the
same in her capacity as Director and Manager of Empowered Training Centre, LLC and on
behalf of Empowered Training Centre, I.I.C.
4-11 Allici CW 4A6�Z
ry Public, State of 'rextas
AMENDED ECONOMIC DEVELOPMENT INCENTIVE GRANT FOR CAPITAL. INVESTMENT PERFORMANCE
AGREEMENT
PAGE 4OF4