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