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HomeMy WebLinkAboutResolution 3248-08-2005A RESOLUTION NO 3~N~ off- a®©s NOMINATING TARGET CORPORATION ("TARGET") AND LG ELECTRONICS ALABAMA, INC ("LG") AS ENTERPRISE PROJECTS PURSUANT TO THE TEXAS ENTERPRISE ZONE ACT, CHAPTER 2303; OF THE TEXAS GOVERNMENT CODE WHEREAS, the City Council of the City of Fort Worth (City} previously adopted Ordinance No 15733 under which the City elected to participate in the Texas Enterprise Zone Program and the local incentives available to Target and LG pursuant to this Resolution following designation of Target and LG as enterprise- protects are substantially the same on this date as those outlined in Ordinance No 15733 and WHEREAS, the Office of the Governor Economic Development and Tourism (EDT) through the Economic Development Bank (Bank) will consider Target and LG as enterprise protects pursuant to a nomination and an application made by the City and WHEREAS the City desires to pursue the creation of the proper economic and social environment in order to induce the investment of private resources m productive business enterprises located m the City and to provide employment to residents of enterprise zones and to other economically disadvantaged individuals and WHEREAS, pursuant to Chapter 2303 Subchapter F of the Texas Enterprise Zone Act Texas Government Code (the Act) Target and LG have applied to the City for designation as enterprise protects and WHEREAS, the City finds that Target and LG meet the criteria for designation as enterprise protects under Chapter 2303 Subchapter F of the Act on the following grounds 1 Target is a qualified business under Section 2303 402 of the Act since it will be engaged in the active conduct of a trade or business at a qualified business site within the governing body s turisdiction located in an enterprise zone and at least twenty five percent (25 0%) of the business s new employees will be residents of an enterprise zone or economically disadvantaged individuals and 2 LG is a qualified business under Section 2303 402 of the Act since it will be engaged in the active conduct of a trade or business at a qualified business site within the governing body s turisdiction located outside of an enterprise zone and at least thirty five percent (35 0%) of the business s new employees will be residents of an enterprise zone or economically disadvantaged individuals and 3 There has been and will continue to be a high level of cooperation between public private and neighborhood entities within the area and 013-29-05 PO4 34 I N Resolution No ~3 ~y~-a~-SOS 4 The designation of Target and LG as enterprise projects will contribute significantly to the achievement of the plans of the City for development and revitalization of the qualified business site WHEREAS, the City finds that Target and LG meet the criteria for tax relief and other incentives adopted by the City and nominates Target and LG on the grounds that they will each be located at a qualified business site and will create a higher level of employment economic activity and stability and WHEREAS, the City finds that tt is in the best interest of the City to nominate Target and LG as enterprise projects pursuant to the Act NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS 1 That the findings of the City Council and its actions approving this Resolution are hereby approved and adopted and 2 That Target and LG are each a qualified business as defined in Section 2303 402 of the Act and meet the criteria for designation as enterprise projects as set forth in Section 2303 Subchapter F of the Act and 3 That these enterprise projects shall take effect on the date of designation of these enterprise projects by the Bank and terminate five (5) years after those dates of designation Adopted this 23rd day of August 2005 APPROVED AS TO FORM AND LE LITY Davtd,~Yett<- .,~;,. A~TTEST~` ~.. ~. TIi 9 ~ ' ~$~v ,~ P.._,~ Marty H~ ndrt~ ,,. l vQ r C~ ~~,, ~~ityi ney ,ir~,n1'. f ~;_. City V AUG ;~ ~ 2005 Y~~~ City S®arotary of the City ®i Fort Worth, Texas APPROVED CITY COUNCIL