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HomeMy WebLinkAboutCDCRes2011.03.01ANNA COMMUNITY DEVELOPMENT CORPORATION RESOLUTION NO.a2011-03- l CCJ.�... 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 $99,900 in the form of a loan to Image Vision Labs ("Recipient") to assist with the Recipient's operating expenses necessary for the purpose of expanding the operations of Recipient's software business and the expansion of business development within the city (the "Project") The Project will be financed from a grant the CDC was awarded by the USDA; and, WHEREAS, the CDC desires to authorize the expenditure of funds of up to $99,900 under a project and loan 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. --0 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 $99,900 in the form of a loan 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; and (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's Chief Administrative Officer and approval as to the form of said agreements by the CDC's legal counsel. 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 was held on the proposed Project on the 3rd day of March, 2011 at four o'clock p.m., at the Anna City Hall Administration Building, 111 N. Powell Parkway, Anna, Texas. PASS�FD AND APPROVED by the Anna Community Development Corporation this _Jr day ofKA (Arch , 2011. APPROVED: ATTEST: �dra Delgado, CDC. �� L ` �!��"Sherilyn iWd"frey, CDC S6&eta qresident CDC OF ANNA, TEXAS RESOLUTION NO. - PAGE 2 OF 2 ANNA COMMUNITY DEVELOPMENT CORPORATION NOTICE OF PROJECT AND NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the Anna Community Development Corporation (the "CDC"), a non-profit corporation created pursuant to the Development Corporation Act of 1979, Article 5190.6, Vernon's Texas Civil Statutes, Section 413, and now operating under Texas Local Government Code, Chapter 505 (the "Act"), will hold a public hearing at four o'clock p.m. on the 3rd day of March, 2011, at the Anna City Hall Administration Building, 111 N. Powell Parkway, Anna, Texas, on a project including an expenditure in the amount of $99,900 in the form of a loan to Image Vision Labs ("Recipient") to assist with the Recipient's operating expenses necessary for the purpose of expanding the operations of Recipient's software business and the expansion of business development within the city (the "Project"). The Project will be financed from a grant the CDC was awarded by the USDA.. The costs of the Project are estimated not to exceed $99,900. All interested persons are invited to attend the public hearing and speak for or against the undertaking of the proposed Project. ANNA COMMUNITY DEVELOPMENT CORPORATION EXHIBIT A