HomeMy WebLinkAbout4-9-98-7-e - Resolution - 04/09/1998( so[ution
RESOLUTION NO. 4-9-98-7-e
A RESOLUTION OF THE CITY COUNC1L OF THE CITY OF COLLEGE
STATION, TEXAS, PROVIDING A GRANT TO THE ECONOMIC
DEVELOPMENT CORPORATION FOR COLLEGE STATION
DEVELOPMENT GROUP, L.P. (JORDAN) 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 authorized 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:
That the City Council hereby authorizes the grant of funds to the
Economic Development Corporation for the purchase of approxi-
mately 9.358 acres of land for COLLEGE STATION
DEVELOPMENT GROUP, L.P. (JORDAN).
PART 2:
That the City Council hereby determines the fair market value as
being $30,000.00 per acre. The City also finds that its investment is
in excess of $75,000.00 per acre.
PART 3:
That the City Council is making this grant in light of JORDAN's
commitment to construct a facility in the Business Center and reserve
the lease space for qualified economic development prospects.
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 at the Business Center.
PART 5: That tiffs resolution shall take effect immediately from and after its
passage.
q so[ution
Resolution No. 4-9-98-7-e Page 2
ADOPTED by the City Council of the City of College Station, Texas, this 9th day
of April, A.D. 1998.
APPROVED
ATTEST:
CONNIE HOOKS, City Secretary
LYNN~ MclLHANEY, Mayor