HomeMy WebLinkAboutCDCRes2010.11.01ANNA COMMUNITY DEVELOPMENT CORPORATION
RESOLUTION NO. (coc1
A RESOLUTION OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION
APPROVING A PROJECT TO PROMOTE NEW OR EXPANDED BUSINESS
DEVELOPMENT, AUTHORIZING THE EXPENDITURE OF FUNDS FOR THE
PROJECT, AND DIRECTING PUBLICATION OF NOTICE OF THE PROJECT AND
NOTICE OF PUBLIC HEARING, ALL SUBJECT TO APPROVAL OF THE CITY
COUNCIL OF THE CITY OF ANNA, TEXAS
WHEREAS, the Board of Directors of the Anna Community Development Corporation
(the "CDC"), created by the City of Anna, Texas (the "City"), in accordance with Article
5190.6, V.A.T.C.S., Section 413, and now operating under Texas Local Government
Code, Chapter 505 (the "Act"), has determined that it is advisable and in the best
interests of the CDC to give notice of the intention of the CDC to undertake, and to call
a public hearing on, the following project(s):
an expenditure in the amount of $ �3CI LCC in the form of a loan or
grant to assist Towner Enterprises LLC ("Recipient") with the Recipient's
purchase of operations equipment necessary for the purpose of expanding
the operations of Recipient's automotive business and the expansion of
business development within the City (the "Project"); and,
WHEREAS, the CDC desires to authorize the expenditure of funds of up to
' i $ 4UC under a project and loan/grant agreement with the Recipient for the
funding of the Project, subject to certain conditions as set forth in this resolution; and,
WHEREAS, the CDC's funding of the Project is subject to the approval of the Project by
the City Council of the City of Anna ("City Council"); and,
WHEREAS, the CDC Board of Directors has investigated and determined that providing
the funding for the Project, subject to the aforementioned conditions, is in the CDC's
best interest and will promote new and expanded business development in the City,
and,
WHEREAS, it is hereby officially found and determined that the meeting at which this
resolution was passed, was open to the public and public notice of the time, place, and
purpose of said meeting was given, all as required by Chapter 551, Texas Government
Code;
NOW THEREFORE, BE IT RESOLVED BY THE ANNA COMMUNITY
DEVELOPMENT CORPORATION, THAT:
CDC OF ANNA, TEXAS RESOLUTION NO. .,2 D 1Q - Y, D I 1, (� D C� PAGE 1 OF 2
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 Project and Authority to Expend Funds
The CDC approves the Project and authorizes the expenditure of funds of up to
$ ? i j uy o in the form of a loan/grant to the Recipient for the expansion of
Recipient's business. Said expenditure by the CDC will be subject to: (1) City Council
approval by resolution after the City Council gives the resolution at least two separate
readings; (2) the full execution of a project agreement between the CDC and the
Recipient, and any necessary loan agreement(s) to be executed after City Council
consideration and approval of the Project, and subject to approval as to the substance
of said agreements by the CDC and approval as to the form of said agreements by the
CDC's legal counsel; and (3) the passage of at least 60 days after the date of
publication of notice of the Project during which time period there has been no receipt
by the City Council of a petition described in Texas Local Government Code § 505.160.
Section 3. Form of Notice
Attached hereto as Exhibit A is a form of Notice of Project and Notice of Public Hearing
("Notice"), which shall be published without unnecessary delay after the adoption of this
resolution, in substantially the same form and substance as attached hereto.
Section 4. Publication of Notice
Said Notice shall be published in a newspaper, as defined in Texas Government Code
Sec. 2051.044, of general circulation in the area of the City of Anna, Texas.
Section 5. Public Hearing
A public hearing shall be held on the proposed Project on the LPh day of
MIV�e(1`1 be,(- , 2010 at four o'clock p.m., at the Anna City Hall Administration
Building, 111 N. Powell Parkway, Anna, Texas.
PASSED AND APPROVED by the Anna Community Development Corporation this
r_ f i1 day of 11� hem (9-e-r 2010.
APPR VED: ATT1 EST:
•
Rob-Sfrnmoft
U
s, CDC President Sherilyn Gq6frey, CDC Se r tary
CDC OF ANNA, TEXAS RESOLUTION NO. aD l d - 1/• vI C C) PAGE 2 OF 2