HomeMy WebLinkAbout12-14-2006-13.17 - Resolution - 12/14/2006
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RESOLUTION NO. 12-14-2006-13.17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS, AFFIRMING THE CITY'S COMMITMENT TO SUPPORT A COMMUNITY
INVESTMENT INCENTIVE FOR THE TEXAS INSTITUTE FOR PRECLINICAL
STUDIES (TIPS) AT TEXAS A&M UNIVERSITY IN PARTNERSHIP WITH THE
CITY OF BRYAN AND BRAZOS COUNTY, TEXAS.
WHEREAS, the College Station City Council recognizes the unique and significant
economic development opportunity that the formation and operation of TIPS will have on
The Research Valley; and
WHEREAS, the College Station City Council recognizes the substantial financial
commitment that Texas A&M University and the State of Texas have made to establish
this important life science biotechnology infrastructure in The Research Valley; and
WHEREAS, the College Station City Council recognizes that TIPS will require financial
support to assist with initial start-up costs such as capital investment loans, equipment,
and other operational expenditures; and
WHEREAS, the College Station City Council supports the use of a Community
Investment Incentive to fund The Texas Institute For Preclinical Studies in an amount of
Five-Hundred Thousand Dollars ($500,000) annually for five years and supports a
funding formula that requires the City of College Station to pay an amount of Two-
Hundred and Fifty Thousand Dollars ($250,000) annually, the City of Bryan to pay an
amount of Eighty-Four Thousand Dollars ($84,000) annually, and Brazos County to pay
an amount of One-Hundred Sixty-Six Thousand Dollars ($166,000) annually; and
WHEREAS, the College Station City Council supports this Community Investment
Incentive contingent upon the following consideration:
the formation of The Texas Institute For Preclinical Studies (TIPS) by the Texas
A&M University System;
the start of operations of TIPS in The Research Valley by no later than July 1,
2007;
new job creation in The Research Valley;
an investment of at least $40,000,000 in real and personal property;
The Research Valley Partnership membership on TIPS's Board of Directors
during, at a minimum, the five year funding term;
a commitment to construct and maintain 12,000 gross square feet oflife science
business accelerator offices to include wet laboratory space within the main
building ofTIPS; and
a commitment by TIPS to work with The Research Valley Partnership, on behalf
of the community, to secure health science/life science relating emerging
technology company tenants in said space.
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE
STATION, TEXAS:
PART 1: That the City Council hereby affirms its commitment to partner with the City of
Bryan, and Brazos County to fund the Community Investment Incentive as detailed
herein.
PART 2: That this resolution shall take effect immediately from and after its passage.
ADOPTED this 14th day of December, A.D. 2006.
ATTEST:
APPROVED:
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RON SIL A, Mayor
APPROVED:
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City Attorney