3-11-99-8.4-1 - Resolution - 03/11/1999RESOLUTION NO. 3-11-99-8./4--1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS, PROVIDING A GRANT TO THE ECONOMIC DEVELOPMENT CORPORATION
FOR STATA CORPORATION FOR ECONOMIC DEVELOPMENT.
WHEREAS, the City Council has developed the Business Center at College Station for the
express purpose of attracting new business and industry to the community;
WHEREAS, the City of College Station is required by Section 272, TEXAS LOCAL GOVT. CODE,
to sell land for its fair market value;
WHEREAS, the City Council is authorized by Section 380, TEXAS LOCAL GOVT. CODE, to
provide for grants of public money to promote local economic development and to stimulate
business in the City of College Station; and
WHEREAS, the City Council is actively seeking economic development prospects and new jobs
in College Station; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS:
PART 1: That the City Council hereby authorizes the grant of funds to the
Economic Development Corporation for the purchase of approximately
eight (8) acres of land for STATA CORPORATION.
PART 2: That the City Council hereby determines the fair market value as being
$30,000.00, per acre. The City also finds that its investment is in
excess of $75,000.00, per acre.
PART 3: That the City Council is making this grant in light of STATA's commit-
ment to construct a facility in the Business Center and reserve the lease
space for qualified economic development prospects.
PART 4: That the City Council is hereby establishing this program or process or
grant of funds to promote the City of College Station economy and
economic at the Business Center.
PART 5: That this resolution shall take effect immediately from and after its
passage.
Resolution No. 3-11-99-8.4-1 Page 2
ADOPTED by the City Council of the City of College Station, Texas, this
March , A.D. 1999.
APPROVED:
ATTEST:
CONNIE HOOKS, city Secretary
llth
day of__
APPROVED:
HARVEY CARGILL, JR., City ~tomey