10-23-97-6-k - Resolution - 10/23/1997q sofution
RESOLUTION NO. 70-23-97-6-k
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE
STATION, TEXAS, PROVIDING A GRANT TO THE ECONOMIC DEVEL-
OPMENT CORPORATION FOR VPI COMMUNICATIONS, INC., D/B/A
CABLETIME 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 author/zed by Section 380, TEXAS LOCAL GOVT.
CODE, to provide for grants of public money to promote local economic develop-
ment 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:
PART 2:
That the City Council hereby authorizes the grant of funds to the
Economic Development Corporation for the purchase of approxi-
mately four (4) acres of land for VPI Communications, Inc., dPo/a
Cabletime at a reduced purchase price of $15,000 per acre. The
grant is therefore $15,000 per acre.
That the City Council hereby determines the fair market value as
being $30,000 per acre. The City also finds that its investment is in
excess of $75,000 per acre.
PART 3:
That the City Council is making this grant in light of VPI Communi-
cations, Inc., d/b/a Cabletime's commitment to provide gross
payrolls in the amount of $800,000 and capital investments of $1.5
million by 2000.
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 development at the Business Center.
RESOLUTION NO. 10-23-97-6-k
Page 2
PART 5:
That this resolution shall take effect immediately from and after its
passage.
ADOPTED by the City Council of the City of College Station, Texas, this 23rd
day of October, A.D. 1997.
APPROVED
ATTEST:
LCONNIE HOOKS, City Secretary
LYNN)MclLHANEY, May~r