HomeMy WebLinkAboutEDCRes2010.06.01ANNA ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 10 10 a 0 6 -- 0 G
A RESOLUTION OF THE ANNA ECONOMIC DEVELOMENT CORPORATION
APPROVING AN ECONOMIC DEVELOPMENT INCENTIVE GRANT FOR CAPITAL
INVENSTMENT PERFORMANCE AGREEMENT WITH IMAGE VISION LABS, INC.
AND AUTHORIZING THE GRANT OF FUNDS UNDER SAID AGREEMENT
WHEREAS, the Anna Economic Development Corporation (the "EDC") desire to grant
funds in support of an economic development project that will 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 Image Vision Labs, Inc.
("IVL") that IVL 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 24-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 24-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, IVL must replay 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
CITY OF ANNA, TEXAS RESOLUTION NO. D D M ��( 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 ) 2010.
ATTEST:
Constance Stump l
EDC President
APPROVED:
.1 )
Sherilyn Godfrey
EDC Secretary
CITY OF ANNA, TEXAS RESOLUTION NO. - - / E p C, PAGE 2 OF 2