HomeMy WebLinkAboutResolution 2987A Resolution
NO ,7
NOMINATING ARROW HOSE & TUBING (USA) INC TEXAS AS AN
ENTERPRISE PROJECT PURSUANT TO THE TEXAS ENTERPRISE ZONE ACT,
CHAPTER 2303,
TEXAS GOVERNMENT CODE
WHEREAS, Texas Economic Development (Agency") designated the City of Fort
Worth Southeast Enterprise Zone (the Zone') on February 29 2000 and
WHEREAS, Agency will consider Arrow Hose & Tubing (USA) Inc Texas as an
enterprise project pursuant to a nomination and an application made by the City of Fort
Worth, Texas (the City") and
WHEREAS, the City desires to pursue the creation of the proper economic and
social environments m order to induce the investment of private resources in productive
business enterprises located in the Zone and to provide employment to residents of the
Zone 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") Arrow Hose 8i Tubing (USA) Inc Texas has
applied to the City for designation as an enterprise project and
WHEREAS, the City Council finds that Arrow Hose & Tubing (USA) Inc Texas
meets the criteria for designation as an enterprise project under Chapter 2303 Subchapter
F of the Act on the following grounds
1 Arrow Hose & Tubing (USA) Inc Texas 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 in the Zone and at least twenty five percent (25 0%) of the business s
new employees. will be residents of an enterprise zone within the City s
jurisdiction or economically disadvantaged individuals and
2 Arrow Hose & Tubing (USA) Inc -Texas is located in the Zone which has an
unemployment rate of not less than one and one half (11/2) times the state
unemployment rate and
3 There has been and will continue to be a high level of cooperation between
public private and neighborhood entities within the Zone and
4 The designation of Arrow Hose & Tubing (USA) Inc Texas as an enterprise
project will contribute significantly to the achievement of the plans of the City
for development and revitalization of the Zone and
WHEREAS, the City finds that Arrow Hose & Tubing (USA) Inc -Texas meets the
criteria for tax relief and other incentives adopted by the City and nominates Arrow Hose
& Tubing (USA) Inc -Texas on the grounds that it will be located wholly within the
Zone will create a higher level of employment, economic activity and stability and
WHEREAS, the City finds that it is m the best interest of the City to nominate
Arrow Hose and Tubing (USA) Inc Texas as an enterprise project 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
2 That Arrow Hose & Tubing (USA) Inc Texas is a qualified business as
defined m Section 2303 402 of the Act and meets the criteria for designation as an
enterprise project as set forth in Section 2303 Subchapter F of the Act
3 That this enterprise project shall take effect on the date of designation of the
enterprise project by the Agency and terminate five (5) years after that date of
designation
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