HomeMy WebLinkAboutRes 2011-08-11 EDC Purchase of PropertiesCITY OF ANNA, TEXAS
RESOLUTION NO. 2011-08-11
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANNA, TEXAS,
AUTHORIZING THE ANNA ECONOMIC DEVELOPMENT CORPORATION TO
EXECUTE A CONTRACT FOR PURCHASE OF PROPERTY, FINANCING OF
PROPERTY AND REMODELING COSTS, AND REFINANCING OF
PROPERTY
WHEREAS, the City Council of the City of Anna, Texas C'City Council")
recognizes that the Anna Economic Development Corporation ("EDC") on August
16,2011 passed a resolution authorizing the execution of one or more contracts
on the EDC's behalf for the purchase property, financing of said property and
remodeling costs, and refinancing of property already owned by the EDC, all
subject to approval of by the City Council;
WHEREAS, the City Council recognizes that the EDC intends to purchase new
property related to an eligible economic development project and remodel
improvements thereon and to attempt to obtain more advantageous financing
terms for property already owned by the EDC; and
WHEREAS, the City Council has determined that the purchase, remodeling, and
refinancing are in the best interest of the economic development efforts of the
City and will promote economic development in the City of Anna and the City
Council desires to approve the EDC's proposed actions related to same; and
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ANNA, TEXAS, THAT:
Section 1. Recitals incorporated.
The recitals set forth above are incorporated herein for all purposes as if set forth
in full.
Section 2. Authority to expend funds.
The City Council of the City of Anna, Texas hereby authorizes the actions to be
taken and the expenditures to be made by the EDC in accordance with the terms
described in the EDC Resolution No Z611-C>f ~"s and further approves any and
all early payments that the EDC as long as there is no penalty for early
repayment.
Res. 2011-08-11 EDC authorization Page 1 of 2 08-23-2011
to purchase land refinance debt
PASSED by the City Council of the City of Anna, Texas, on this the 23rd day of
August, 2011.
Res. 2011-08-11 EDC authorization Page 2 of2 08-23-2011
to purchase land refinance debt