Resolution 93-15
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RESOLUTION NO. t/~-/if
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WYLIE, TEXAS, AGREEING TO DEVELOPMENT REQUESTS OF
THE J.D. RUSSELL COMPANY FOR A DEVELOPMENT TO BE
LOCATED ON REGENCY ROAD
WHEREAS, the J.D. Russell Company has requested certain development
incentives from the City of Wylie, and
WHEREAS, the City Council of the City of Wylie is anxious to assist
business development that will benefit the Wylie economy and tax base, and
WHEREAS, the City Council of the City of Wylie agrees to certain
development incentives requested by the J.D. Russell Company
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Wylie, Texas, that:
SECTION 1: The City of Wylie will grant tax abatements of 200% over a
four year period contingent upon and effective only if the J.D.Russell Company
adds $750,000 in new value to the property.
SECTION 2. The City of Wylie will install utility extensions of water and
sewer lines from Regency Road to Hooper Road when Phase II begins
(approximately two years) contingent on the J.D. Russell Company doing additional
expansion of not less than 10,000 square feet and adding five full-time jobs by
May, 1996.
SECTION 3. The City of Wylie will receive all applicable pro-rata payments
for costs on both the water and sewer lines.
SECTION 4. The City of Wylie will make necessary improvements within
24 months to upgrade the water pump station at Steel and Hooper Roads as well
as integrate that system into Wylie's main water system.
SECTION 5. The City of Wylie will consider improvement of Regency
Road north of Steel in future budget years and as part of joint venture proposals
but does not commit funds for the project at this time.
SECTION 6. The City of Wylie will not waiver any portion of the estimated
$12,600 in required impact fees for a commercial classification.
SECTION 7. This agreement applies only to the J.D. Russell Company and
only to the site located on Regency Road.
SECTION 8. This agreement shall take effect immediately upon its adoption
and will become void on August 1, 1994, ifno building permit has been issued by
that date.
DUL Y PASSED AND APPROVED this ,the 12th day of August, 1993.
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ATTEST