HomeMy WebLinkAboutRes 2011-03-01 Approving CDC Project - Image Vision Labs.pdfCITY OF ANNA, TEXAS
RESOLUTION NO. 2011-03-01
A RESOLUTION OF THE CITY OF ANNA, TEXAS AUTHORIZING AND APPROVING
THE ANNA COMMUNITY DEVELOPMENT CORPORATION TO PROMOTE NEW OR
EXPANDED BUSINESS DEVELOPMENT, AUTHORIZING THE EXPENDITURE OF
FUNDS FOR THE PROJECT
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 4B, and now operating under Texas Local Government
Code, Chapter 505 (the "Act"), met at a duly noticed meeting on March 3, 2011, and
determined that it is 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 "Projecf') The Project will be 'financed from a grant the CDC was
awarded by the USDA; and,
WHEREAS, on March 3, 2011, the CDC adopted a resolution to authorize the
expenditure of funds for the Project conditioned on a 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 City Council believes 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; and
WHEREAS, the City Council desires by adoption of this resolution to approve the
Project, and to authorized the publication of the CDC's notice of public hearing and
intent to undertake the Project; and
CITY OF ANNA, TEXAS RESOLUTION NO. 2011"()3"()1 PAGE 1 OF2
NOW THEREFORE, BE IT RESOLVED BY THE ANNA COMMUNITY
DEVELOPMENT CORPORATION, THAT:
Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
Approval of Business Expansion Project
The City Council approves the Project as described herein and authorizes the
publication of the CDC's notice of public hearing and intent to undertake the Project.
PASSED AND APPROVED by the City Council of the City of Anna, Texas this 8th day
of March, 2011.
ATTEST:
CITY OF ANNA, TEXAS RESOLUTION NO. 2011-43-01 PAGE20F2