HomeMy WebLinkAboutResolution 19076`.~..~.~ .~
RESOLUTION NO.
WHEREAS, on August 30, 198$, the Texas Department of Commerce
` • (the "Department") approved the creation of the South Enterprise
Zone (the "Zone") in the City of Fort Worth (the "City"); and
WHEREAS, on April 20, 1993, the City Council of the City held
a public hearing and adopted an ordinance nominating a 5.42 square
mile area to be added to the Zone; and
WHEREAS, the Department is considering approval of the
addition of such 5.42 square mile area to the Zone; and
WHEREAS, the City desires to pursue the creation of a proper
economic and social environment to induce the investment of private
resources in productive business enterprises located in the Zone,
including such additional area, and to provide employment to
residents of the Zone and to other economically disadvantaged
individuals; and
WHEREAS, pursuant to Section 10 of the Texas Enterprise Zone
Act, Texas Revised Civil Statutes, Article 5190.7 (the "Act"),
Menasco Aerosystems, a Division of Coltec Industries Inc, a
Pennsylvania corporation, has applied to the City for designation
as an enterprise project in the 5.42 square mile area proposed to
be added to the Zone; and
WHEREAS, the Department will consider the designation of
Menasco Aerosystems as an enterprise project pursuant to a
nomination and an application made by the City;
NOW THEREFORE, BE IT RESOLVED BY TAE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS:
1. The City Council finds and determines that (subject to
approval by the Department of the 5.42 square mile area being added
to the Zone) Menasco Aerosystems meets the criteria for designation
as an enterprise project under Section 10(c) of the Act on the
following grounds:
a. Menasco Aerosystems is a "qualified business"
under Section 3(a)(10) of the Act since it will be
engaged in the active conduct of a trade or business in
the Zone and at least 25 percent of the business' new
employees will be residents of a Zone within the City's
jurisdiction or economically disadvantaged individuals;
al,
b. Menasco Aerosystems will be located in the
Zone, or has made a substantial commitment to locate in
the Zone, which has an unemployment rate of not less than
one and one-half times the state unemployment rate;
OF~1Ci~ RECORLf
~~' SECRETARY
Fr. 4YORTR, TES
A ~
c. Menasco Aerosystems is a subsidiary of an
existing business which will be located entirely in the
Zone and will maintain separate books and records of the
business activity conducted in the Zone;
~" d. There has been and will continue to be a high
level of cooperation between public, private and
neighborhood entities within the Zone; and
d. The designation of Menasco Aerosystems as an
enterprise project will contribute significantly to the
achievement of the plans of the City for redevelopment
and revitalization of the Zone.
2. The City finds and determines that Menasco Aerosystems
meets the criteria for tax relief and other incentives adopted by
the City and nominates Menasco Aerosystems as an enterprise project
on the grounds that it will be located wholly within the Zone, and
will create a higher level of employment, economic activity and
stability.
3. The City finds and determines that it is in the best
interest of the City to nominate Menasco Aerosystems as an
enterprise project pursuant to the Act.
4. The enterprise project shall take effect on the date of
designation of the enterprise project by the Department and shall
terminate five years after the date of such designation.
Adopted this ~Q"T'h~ day of April, 199
ay G an r
Mayor
ATTEST•
~~
City Secretary
I, Alice Church, City Secretary of the City of Fort Worth,
Texas, certify that the above is a true and correct copy of
Resolution No. on file in my office and that I, as City
Secretary of the City of Fort Worth, have legal custody of such
resolution.
• APPR~~lED
~~ ~ ~j ~~~1V~iL Alice Church, City Secretary
20 1993 ~ April a oZ 1993 - ~,:: :. j,,R ,!
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