HomeMy WebLinkAboutEDCRes2011.10.01ANNA ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO, oZ6//— l0 -' lil
A RESOLUTION OF THE ANNA ECONOMIC DEVELOMENT CORPORATION
APPROVING AN ECONOMIC DEVELOPMENT INCENTIVE GRANT FOR CAPITAL
INVESTMENT PERFORMANCE AGREEMENT WITH PROXOMO, INC. AND
AUTHORIZING THE GRANT OF FUNDS UNDER SAID AGREEMENT
WHEREAS, the Anna Economic Development Corporation (the "EDC") desires to grant
funds in support of an economic development project intended to create and retain new
primary jobs, as that term is defined under Texas Local Government Code 501.002, and
that will result in new capital investment within the corporate limits of the City of Anna,
Texas ("City"); and
WHEREAS, the EDC has received a project proposal from Proxomo, Inc., which has
represented it will create and retain a significant number of new primary jobs and that
will result in new capital investment, all within the corporate limits of the City within a 36-
month period (the "Project"); and
WHEREAS, the EDC has determined that it would be beneficial to the EDC and to the
City for the EDC to grant funds for costs of the Project provided that the promised
primary jobs are created within a 36-month period, and that said jobs are maintained
within the corporate limits of the City for at least ten years, such that if said jobs are not
created or retained as promised, Proxomo must repay all or a portion of the grant
proceeds back to the EDC, as more specifically set forth in the Agreement; and
WHEREAS, the EDC has found that if successful the Project will promote new or
expanded business development;
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. Approval of Agreement
The EDC hereby approves the Economic Development Incentive Grant for Capital
Investment Performance Agreement ("Agreement"), attached hereto as EXHIBIT A,
incorporated herein for all purposed, and authorizes the EDC President to execute
same on its behalf, subject to approval as to form by legal counsel for the EDC, final
content by the EDC Chief Administrative Officer, and approval by the City Council.
Section 3. Approval of Funding
ANNA EDC RESOLUTION NO.a0I 'I 0 -Cl CFO C) PAGE 1 OF 2
The EDC hereby authorizes the Chief Administrative Officer to expend funds as grant
proceeds in accordance with the Agreement.
PASSED AND APPROVED by the Anna Economic Development Corporation on this
% ', day of 2011.
ATTEST:
Constance Stump
EDC President
APPRn\/Fn.
ANNA EDC RESOLUTION NO. )zll -ID-- 01 ('Cbc) PAGE 2 OF 2