03-10-94-3.4 - Resolution - 03/10/1994RESOLUTION NO. 3-10-94-3.4
A RESOLUTION AUTHORIZING THE CITY MANAGER AND DIRECTOR OF
FINANCE TO SIGN A LETTER OF GUARANTY FOR THE BENEFIT OF FIRST
AMERICAN BANK AS PART OF AN ECONOMIC DEVELOPMENT INCENTIVE
FOR NORTH AMERICAN TRANSIT, INC.
WHEREAS, the City of College Station, having determined the necessity for
support of the creation of jobs; and
WHEREAS, Brazos Transit has signed a contract for the purchase of one
hundred new transit buses from North American Transit, Inc.; and
WHEREAS, First American Bank has committed to funding a loan in the amount
of $500,000 to North American Transit, Inc. for interim design and construction
of bus prototype; and
WHEREAS, North American Transit, Inc. projects to have seventy-five or more
employees by the end of this year; and
WHEREAS, North American Transit, Inc. has agreed to locate production
facilities in Brazos County for a period of at least ten years;
i'~NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
ii'College Station that the City Manager and Director of Finance are authorized to
take any and all necessary actions to provide a guaranty for the benefit of First
American Bank as part of economic development incentive for North American
Transit, Inc. Further, the limit on the guaranty by College Station will be
iI $250,000, for which North American Transit, Inc. will pay two percent (2%) of the
guaranty amount.
PASSED and APPROVED this 10thday of
APPROVED:
Lari'yl~i~g"er...~ '---. 2~
March ,1994.
A'I-rEST:
Connie Hooks
City Secretary