HomeMy WebLinkAbout(0006) Bank of America TXEZ Nomination-2 Resolution (2).PDFA Resolution
NOMINATING THE BANK OF AMERICA CORPORATION FACILITY
AT 4200 AMON CARTER BOULEVARD
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 Bank of America Corporation, 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"), Bank of America Corporation has applied to the City for designation as an enterprise project; and
WHEREAS, the City finds Bank of America Corporation, meets the criteria for designation as an enterprise project
under Chapter 2303, Subchapter F of the Act on the following grounds:
1. Bank of America 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 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 Bank of America Corporation, as an enterprise project will contribute significantly
to the achievement of the plans of the City for development and revitalization of the area; and
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WHEREAS, the City finds that Bank of America Corporation, meets the criteria for tax relief and other incentives
adopted by the City and nominates Bank of America 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; and
WHEREAS, the City finds that it is in the best interest of the City to nominate Bank of America Corporation, 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 Bank of America 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.
Adopted this _ day of 2021.
ATTEST:
Mary J. Kayser, City Secretary
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