HomeMy WebLinkAbout12-18-2003-11.02-A - Resolution - 12/18/2003 ‘
RESOLUTION NO 12 -18- 2003 - 11.02 -A
A 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 CROSS STREET 1,
L.P. AS AN ECONOMIC DEVELOPMENT INCENTIVE.
WHEREAS, the City Council has developed an economic incentive program for the express
purpose of redeveloping dilapidated 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 $50,00.00 to be paid as
specified in the Economic Development Agreement dated December
18, 2003, to CROSS STREET 1, L.P. for the purpose of providing an
incentive to CROSS STREET 1, L.P. to develop the Cross Street
Warehouse Apartments mixed use project in College Station.
PART 2: That the City Council is making this grant in light of CROSS STREET
1, L.P.'s commitment to provide capital investment as provided in a
grant agreement dated December 18, 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 iday of Decembery y Y g
A.D. 2003.
ATTEST: APPROVED:
� b
CONNIE HOOKS, City Secretary RON A, Mayor
APPROVED:
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Resolution No. Page 2
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City Attorney
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12/19/2003