Resolution 2010-36 � RESOLUTION NO. 2010-36(R)
RESOLUTION APPROVING A PROGRAM AND THE
EXPENDITURE OF FUNDS BY THE WYLIE ECONOMIC
DEVELOPMENT CORPORATION AND ENACTING OTHER
PROVISIONS RELATING TO THE SUBJECT
WHEREAS, the Wylie Economic Development Corporation (the "Corporation") has
beeri incorporated and exists and operates as a duly constituted authority and instrumentality of
the ��ity of Wylie, Texas (the "City"), pursuant to Chapter 501 of the Texas Local Government
Code (the "Development Corpo�atip�, Act" or "Act"), and governed as a Type A Corporation
undf,r the Act and Ch�pte.� �l and 504��f`the Texas Local Government Code; and
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WHEREA,�, Chapter 501 of the Te�as Local Government Code requires the City, as the
authorizing uYit �, : Corp��, t� approve certain programs and expenditures of the
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Cor��oration; and • ";'�'.
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WHEREAS, the Corporation desires to borrow an amount not to exceed the sum of
$5,0�00,000.00 from American National Bank of Texas, to be secured by a pledge of the
Cor�poration's sales tax receipts and real estate owned by the Corporation located at 1405
Martinez Lane, Wylie, Texas 75098, to finance the construction of improvements on the property
to b�e leased to Ascend Custom Extrusions, L.L.C. (the "Project"); and
WHEREAS, this City Council finds and determines that it is appropriate to approve the
Project as an authorized program and expenditure of the Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CI'I'Y OF WYLIE, TEXAS:
SECTION 1: The recitals set forth in the preamble hereof are incorporated herein and
shall have the same force and effect as if set forth in this Section. The undertaking of the Project
and the expenditure and pledging of funds of the Corporation in connection therewith, are hereby
app�roved.
Resalution 2010-36(R) Page 1
SECTION 2: This Resolution shall take effect immediately upon its passage.
DULY PASSED AND APPROVED by the City Council of the City of Wylie on this
9th day of November, 2010.
ERIC HOG , Ma or
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AT7'EST TO:
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CATl E EHRL , City Secretary � .�7.
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