HomeMy WebLinkAboutResolution 3957-01-2011A RESOLUTION
NO. 3957 -01 -2011
NOMINATING RADIOSHACK CORPORATION AS AN ENTERPRISE PROJECT
PURSUANT TO THE TEXAS ENTERPRISE ZONE ACT, CHAPTER 2303,
OF THE TEXAS GOVERNMENT CODE AND
REPEALING RESOLUTION NO. 3912 -08 -2010
WHEREAS, the City Council of the City of Fort Worth the "City" has previously passed Ordinance No. 15733
electing to participate in the Texas Enterprise Zone Program, and the local incentives offered under this
Resolution are the same on this date as were outlined in Ordinance No. 15733;
WHEREAS, the Office of the Governor Economic Development and Tourism through the Economic
Development Bank "Bank" will consider RadioShack Corporation as an enterprise project pursuant to a
nomination and an application made by the City;
WHEREAS, the City desires to pursue the creation of the proper economic and social environment in order to
induce the investment of private resources in productive business enterprises located in the City and to provide
employment to residents of enterprise zones and to other economically disadvantaged individuals;
WHEREAS, pursuant to Chapter 2303, Subchapter F of the Texas Enterprise Zone Act, Texas Government Code
(the "Act "), RadioShack Corporation has applied to the City for designation as an enterprise project;
WHEREAS, the City finds that RadioShack Corporation meets the criteria for designation as an enterprise
project under Chapter 2303, Subchapter F of the Act on the following grounds:
RadioShack Corporation 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 jurisdiction located inside of an enterprise zone and at least twenty -five percent (25 %) of the
business's new employees will be residents of an enterprise zone or economically disadvantaged
individuals; and
2. There has been and will continue to be a high level of cooperation between public, private, and
neighborhood entities within the area; and
3. The designation of RadioShack Corporation as an enterprise project will contribute significantly to the
achievement of the plans of the City for development and revitalization of the area;
WHEREAS, the City finds that RadioShack Corporation Meets the criteria for tax relief and other incentives
adopted by the City and nominates RadioShack Corporation for enterprise project status on the grounds that it is
located at the qualified business site and will create a higher level of employment, economic activity and stability
in the area:
CITY or !r't!a'11l' III O RRTU
RESOLUTION NO. 3957 -01 -2011
PAGE 2 OF 2
WHEREAS, the City finds that it is in the best interest of the City to nominate RadioShack Corporation as an
enterprise project pursuant to the Act; and
WHEREAS, Resolution No. 3912 -08 -2010, adopted by the City Council on August 17, 2010, nominated
RadioShack Corporation as an enterprise project, but contained a factual error that this Resolution corrects;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
1. That the findings of the City and its actions approving this resolution taken at the Council
meeting are hereby approved and adopted.
2. That RadioShack Corporation is a "qualified business," as defined in 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 the enterprise project shall take effect on the date of designation of the enterprise
project by the Bank and terminate five (5) years after the date of designation.
4. That Resolution No. 3912 -08 -2010 is hereby repealed
Adopted this 4th day of January, 2011.
APPROVED
ATTEST: CITY COUNCIL
By: n(-\ JAN Q 4 2011
Marty Hendrix, Ci Secretary
City Secretary of the
City of Fort Worth, Texas
CITY or rOKT WOKTU
City of Fort Worth, Texas
Mayor and Council Communication
DATE: Tuesday, January 04, 2011
LOG NAME: 17RADIOSHACK- RESOLUTION -NEW
REFERENCE NO.: * *G -17167
SUBJECT:
Adopt a Resolution Nominating RadioShack Corporation as an Enterprise Project Pursuant to the Texas
Enterprise Zone Act, Chapter 2303 of the Texas Government Code and Repealing Resolution No. 3912-
08 -2010 (COUNCIL DISTRICT 2)
RECOMMENDATION:
It is recommended that the City Council adopt a Resolution nominating RadioShack Corporation as an
Enterprise Project pursuant to the Texas Enterprise Zone Act, Chapter 2303 of the Texas Government
Code, and repeal the previous nominating Resolution No. 3912 -08 -2010.
DISCUSSION:
On August 17, 2010, the City Council adopted Resolution No. 3912 -08 -2010 nominating RadioShack
Corporation as an Enterprise Project pursuant to the Texas Enterprise Zone Act, Chapter 2303 of the
Texas Government Code. That Resolution contains a factual error that needs to be corrected in order for
the State of Texas make the designation requested by the City Council.
The attached Resolution clarifies that RadioShack Corporation is eligible to be designated as an
Enterprise Project because the company is engaged in the active conduct of a trade or business at a
qualified business site within the governing body's jurisdiction that is located inside of an enterprise zone
and at least (25 percent) of the business's new employees will be residents of an enterprise zone or
economically disadvantaged individuals. Resolution No. 3912 -09 -2010 erroneously stated that
RadioShack's facility was located outside of an enterprise zone and that at least (30 percent) of its new
employees would be residents of an enterprise zone or economically disadvantaged individuals.
This project is located in COUNCIL DISTRICT 2.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO Fund /Account /Centers
CERTIFICATIONS:
Submitted for City Manager's Office by:
Originating Department Head:
Additional Information Contact:
FROM Fund /Account /Centers
Susan Alanis (8180)
Jay Chapa (5804)
Robert Sturns (8003)
Ana Alvarado (2661)
Logname: 17RADIOSHACK- RESOLUTION -NEW Page 1 of 1