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HomeMy WebLinkAbout(0009) Rev1 TXEZ Nomination Resolution.PDFA Resolution NO. NOMINATING THE REV1 FACILITY AT 1851 JOEL EAST ROAD AS AN ENTERPRISE PROJECT PURSUANT TO THE TEXAS ENTERPRISE ZONE ACT, CHAPTER 2303, TEXAS GOVERNMENT CODE WHEREAS, on November 4, 2003 the City Council of the City of Fort Worth (the "City") previously adopted Ordinance No. 15733 electing to participate in the Texas Enterprise Zone Program; and WHEREAS, on May 12, 2015 the City Council of the City adopted Ordinance No. 21743-05-2015 amending Ordinance No. 15733 by adding additional potential local incentives that could be made available to qualified businesses under the Texas Enterprise Zone Program; and the local incentives available pursuant to this Resolution are the same on this date as were outlined in Ordinance No. 21743-05-2015; and WHEREAS, the Office of the Governor, Economic Development and Tourism (EDC), through the Economic Development Bank ("Bank"), will consider Revl, as an enterprise project 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 in productive business enterprises located in the City and to provide employment to residents of enterprise zones and to other economically disadvantaged individuals and veterans; and WHEREAS, pursuant to Chapter 2303, Subchapter F of the Texas Enterprise Zone Act, Texas Government Code (the "Act"), Revl has applied to the City for designation as an enterprise project; and WHEREAS, the City finds Revl, meets the criteria for designation as an enterprise project under Chapter 2303, Subchapter F of the Act on the following grounds: 1. Revl 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 outside of an enterprise zone, and at least thirty-five percent (35%) of the business's new or retained employees will be residents of an enterprise zone, economically disadvantaged individuals or veterans; 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 Revl, as an enterprise project will contribute significantly to the achievement of the plans of the City for development and revitalization of the area; and ORT WORrII kir WHEREAS, the City finds that Rev I, meets the criteria for tax relief and other incentives adopted by the City and nominates Rev1, 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; and WHEREAS, the City finds that it is in the best interest of the City to nominate Revl, as an enterprise project pursuant to the Act; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: THAT the findings of the City and its actions approving this Resolution taken at the Council meeting are hereby approved and adopted. 2. THAT Revl, 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. Adopted this day of 2021. ATTEST: Mary J. Kayser, City Secretary ORT WORrII kir