HomeMy WebLinkAboutResolution 2704A Resolution
No ~ 7d:y
ESTABLISHING AN ECONOMIC DEVELOPMENT PROGRAM AUTHORIZED BY
CHAPTER 380 OF THE TEXAS LOCAL GOVERNMENT CODE
WHEREAS, the City of Fort Worth (the City") has established an Office of
Economic Development to administer programs that further the public purposes of
development and diversification of the City s economy the elimination of unemployment
and/or underemployment in the City and the development and expansion of commerce in
the City and
WHEREAS, in accordance with the 2000 Comprehensive Plan adopted by the City
Council pursuant to M&C G 12975 on August 1 2000 the City has committed to use
custom designed incentives and partnership programs with private businesses on a case
by case analysis of individual projects to help ensure the growth and diversification of the
local economy and
WHEREAS, Chapter 380 of the Texas Local Government Code authorizes the
governing body of a municipality to establish and provide for the administration of one or
more programs for making loans and grants of public money and providing personnel and
services of the municipality to promote state or local economic development and to
stimulate business and commercial activity in the municipality (a Chapter 380 Economic
Development Program ') and
WHEREAS, the creation of a Chapter 380 Economic Development Program will
benefit the City by increasing the range of incentives. that the City can employ to promote
the City s committed economic development goals
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS THAT
1 The City Council hereby establishes a Chapter 380 Economic Development
Program to be administered and overseen by the City s Economic Development Office
2 Under the Chapter 380 Economic Development Program the City Council
will on a case-by case basis consider but is not required to offer economic incentive
packages that include monetary loans and grants of public money as well as the provision
of personnel and services of the City to businesses and entities that the City Council
determines will promote state or local economic development and stimulate business and
commercial activity m the City
3 In order for a business or other entity to participate in the Chapter 380
Economic Development Program, the business or entity shall enter into a binding contract
with the City under which (i) the business or entity is required to make specific and
verifiable infrastructure employment and other commitments that serve the public
purposes overseen by the City s Economic Development Office and that the City Council
deems appropriate under the circumstances and (ii) the City is able to cease and/or
recapture payment of Chapter 380 incentives or to terminate the contract in the event that
the public purposes specified in the contract are not met The terms and conditions
contained in any such contract must be approved by the City Council prior to the
execution and delivery of the contract
4 The Chapter 380 Economic Development Program shall be in addition to
existing economic development programs offered by the City
ADOPTED this 3~ day of January 2001
APPROVED AS TO FORM.
By.
Peter Vaky
Assistant City Attorney
APPROVED
CITY COUNC~!
JAN 30 2001
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