HomeMy WebLinkAbout12-4-2003-10.03 - Resolution - 12/04/2003A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS, PROVIDING AN ECONOMIC DEVELOPMENT GRANT PURSUANT TO
CHAPTER 380 OF THE TEXAS LOCAL GOVERNMENT CODE TO TEXAS AVENUE
CROSSING L.P. AS AN ECONOMIC DEVELOPMENT INCENTIVE.
WHEREAS, the City Council has developed an economic incentive program for the express
purpose of redeveloping dilapidated commercial developments, attracting new business and
expansion of business and industry to the community;
WHEREAS, the City Council is authorized by CHAPTER 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 in an
amount not to exceed a total amount of $265,000.00 to be paid as
specified in the Economic Development Agreement dated December
4, 2003, to TEXAS AVENUE CROSSING, L.P. for the purpose of
providing an incentive to TEXAS AVENUE CROSSING, L.P. to
redevelop the Redmond Terrace shopping center site and locate a new
retail facility in College Station.
PART 2: That the City Council is making this grant in light of TEXAS
AVENUE CROSSING, L.P.'s commitment to provide capital
investment as provided in a grant agreement dated December 4, 2003.
PART 4: That the City Council is hereby establishing this program or process or
grant of funds to promote the City of College Station's economy.
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 4th day of December,
A.D. 2003.
ATTEST:
C NNIE HOOKS, City Secretary
APPROVED:
City Attorney
RESOLUTION NO. 12 -4- 2003 -10.03
APPROVED: