Resolution 2012-37 RESOLUTION NO. 2012-37(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE,
COLLIN COUNTY, TEXAS, APPROVING A RESOLUTION OF THE
WYLIE ECONOMIC DEVELOPMENT CORPORATION TO OBTAIN A
$548,935 LOAN FROM THE AMERICAN NATIONAL BANK OF TEXAS
TO THE WYLIE ECONOMIC DEVELOPMENT CORPORATION.
WHEREAS, the Wylie Economic Development Corporation was established by
ordinance of the Wylie City Council subsequent to an election to impose and assess a one-half
cent sales tax for economic development within the City of Wylie;
WHERAS, one of the purposes for which the Wylie Economic Development
Corporation was established is to provide for the creation of jobs and increase the tax base of the
City of Wylie;
WHEREAS, the Board of Directors of the Wylie Economic Development Corporation
has duly reviewed the Project, as well as the financing of the Project and the Loan Agreement
related to indebtedness;
'"�`"' WHEREAS, The American Bank of Texas has committed to enter into a Loan
Agreement to assist in funding the Project;
WHEREAS, there has been presented to the Wylie City Council a resolution of the
Wylie Economic Development Corporation approving a loan proposal from The American
National Bank of Texas (Exhibit "A"), pursuant to which the American National Bank of Texas
will lend to the Wylie Economic Development Corporation an amount to be used to fund the
Project; and
WHEREAS, Section 501.204 of the Texas Local Government Code, as amended,
requires that the governing body of the City of Wylie approve the resolutions of the Wylie
Economic Development Corporation providing for the approval of the indebtedness no more
than sixty (60) days prior to the execution and delivery of the documents evidencing such debt.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WYLIE, COLLIN COUNTY, TEXAS, THAT:
Section 1. The Wylie City Council approves the resolution of the Board of Directors
of the Wylie Economic Development Corporation authorizing the Project and approving a loan
in the amount of$548,935.00 from The American National Bank of Texas pursuant to the loan
proposal and pledging sales tax money to the repayment of that loan from The American
,,,� National Bank of Texas, adopted by the Wylie Economic Development Corporation on
November 2, 2012.
Resolution No.2012-37(R)
WEDGCooper Drive Purchase
American National Bank Loan
Section 2. This resolution was approved by the Wylie City Council of the City of
Wylie, Collin County, Texas on November 13, 2012, at which meeting a quorum was present �'
and voting.
DULY PASSED AND APPROVED by the City Council of the City of Wylie, Texas,
and this the 13th day of November, 2012.
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Eric Hogue, May
ATTEST: ��� °F y''yl1
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Carole Ehrlich, 'ty Secretary o�t���RA�w+Y —.
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Resolution No.2012-37(R)
WEDGCooper Drive Purchase
American National Bank Loan
EXHIBIT A
RESOLUTION NO. 2012-01 R
RESOLUTION APPROVING A PROGRAM AND THE EXPENDITURE OF FUNDS BY
THE WYLIE ECONOMIC DEVELOPMENT CORPORATION AND ENACTING
OTHRE PROVISIONS RELATING TO THE SUBJECT.
WHEREAS, the Wylie Economic Development Corporation (the "Corporation") has
been incorporated and exists and operates as a duly constituted authority and instrumentality of
the City of Wylie, (the "City"), pursuant to Chapter 501 of the Texas Local Government Code
(the "Development Corporation Act" or"AcY'}, and governed as a Type A Corporation under the
Act and Chapter 501 and 504 of the Texas Local Government Code; and
WHEREAS, the City which is the authorizing unit for the Corporation, as required by
Chapter 501 of the Texas Local Government Code, has authorized said program and expenditure
of the Corporation; and
WHEREAS, the Corporation desires to borrow an amount not to exceed the sum of
$548,935.00 from The American National Bank of Texas, to be secured by a pledge of the
Corporation's sales tax receipts to finance the purchase of commercial properties located at 711
& 713 Cooper Drive, Wylie, Texas, and to refinance debt associated with the purchase of
properties located at 211 &212 Industrial Court, Wylie, Texas (the "Projects").
WHEREAS, the Wylie Economic Development Corparation Board of Directors finds and
determines that it is appropriate to approve the Projects as an authorized program and
expenditure of the Corporation.
WEHREAS, President Marvin Fuller is authorized to execute all documentation
necessary to effectuate a Loan Agreement between the Wylie Economic Development
Corporation and The American National Bank of Texas.
N�W, THEREFORE, BE IT RESOLVED BY THE WYLIE ECONOMIC
DEVELOPMENT CORPORTION BOARD OF DIRECTORS:
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
Projects and the expenditure and pledging of funds of the Corporation in connection therewith
are hereby approved.
SECTION 2: This Resolution shall take effect immediately upon its passage.
Y A�SS �E by the Bt�az� af D' e��r� c�f the �Vyli� E�t�nomiE
Development Corpora.tion on this `��_da�of �l��1��l�l�l�_ ,2Q1�.
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