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HomeMy WebLinkAboutResolution 3237-07-2005;~~ A Resolution NO ~~3~-o7-a-o©S CONSENTING TO ECONOMIC INCENTIVES GRANTED BY THE CITY OF IRVING TO DPF TRADE CENTER I, L P IN RETURN FOR LOCATING REGIONAL DISTRIBUTION CENTER AT DALLAS/FORT WORTH INTERNATIONAL AIRPORT WHEREAS, Dallas/Fort Worth International Aiport ("D/FW ') has requested that the Cities of Dallas and Fort Worth approve resolutions consenting to economic incentives granted by the City of Irving to DPF Trade Center I, L.P in return for its causing a regional distribution center to be located at D/FW and WHEREAS, the City Council approved Resolution No 2475 on December 15 1998, authorizing execution of an Interlocal Agreement between D/FW and the Cities of Dallas, Fort Worth and Irving (collectively the `Cities") for the sharing of revenue generated within the boundaries of D/FW and WHEREAS, the Dallas City Council approved the Interlocal Agreement by Resolution No 983297 on November 11 1998 and WHEREAS, the Irving City Council approved the Interlocal Agreement by Resolution No 10- 22 98-535 on October 22, 1998 and WHEREAS, the D/FW Aiport Board approved the Interlocal Agreement by Resolution No 98- 10-327 on October 23 1998 and WHEREAS, the Interlocal Agreement was executed on December 21 1998 and requires that, among other things, the City Councils of both Dallas and Fort Worth must approve any requested tax exemptions, abatements or other economic incentives pertaining to developments at D/FW and WHEREAS, on May 26, 2005 the City of Irving adopted Resolution No 5-26-OS-170 and approved the attached Economic Incentive Agreement between the City of Irving and DPF Trade Center I, L.P (the `Incentive Agreement"), contingent upon approvals from the City Councils of both Dallas and Fort Worth; and WHEREAS, pursuant to the Incentive Agreement, the City of Irving has committed to DPF Trade Center I, L.P to grant a Fortune 500-ranked e-commerce business entity that will lease a regional r distribution center developed by DPF Trade Center I, L.P (the `Development") certain economic incentives beginning on January 1 2007 and annually thereafter for a maximum period not to exceed fifteen (15) years (subject to any extensions that may subsequently be granted by the City of Irving) and WHEREAS, the inability of the City of Irving to grant the econommc incentives outlined in the Incentive Agreement would prevent any potential economic benefits caused on account of the Development to D/FW and the Cities; and WHEREAS, the City of Irving s grant of the economic mcenhves outlined in the Incentive Agreement will cause the Development to be located at D/FW and will also provide direct revenues to D/FW and the Cities, and will generate additional land rent and tax revenues as anticipated in the Interlocal Agreement; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS THAT the City Council hereby consents to the Incentive Agreement attached hereto AND IT IS SO RESOLVED. 7 ~,; r~'.~r,.,, Adopted,,tlus 19th day~f July 2005 ATTEST x~ l M By City Secretary e ' APPROVED CITY COUNCIL JUL 1 9 2005 ~ ~~~ City Secretary of the City of Fart Worth, Texas •