Resolution 2014-40RESOLUTION NO. 2014-40(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE,
COLLIN COUNTY, TEXAS, AUTHORIZING AND APPROVING
CERTAIN RESOLUTIONS OF 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;
WHEREAS, 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
intends to recruit companies which will provide jobs and increase the tax base by implementing
qualified projects;
WHEREAS, the Board of Directors of the Wylie Economic Development Corporation
has duly adopted a Resolution that approves one or more loans from the American National Bank
of Texas in an aggregate amount of $722,365.00 loan to assist the financing of qualified projects;
and
WHEREAS, Section 501.204(a) of the Texas Local Government Code, as amended,
( "the Act ") requires that the governing body of the City of Wylie approve the resolution of the
Wylie Economic Development Corporation providing for the approval of the loan 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(s) adopted by the Board of
Directors of the Wylie Economic Development Corporation on the 7th day of November, 2014
authorizing one or more loans in an aggregate amount of $722,365.00 from the Bank and
pledging the '/2 cent sales tax for economic development as collateral to secure the repayment of
loan(s).
Section 2. This resolution was approved by the Wylie City Council at a council meeting duly
posted in accordance with the Texas Open Meeting Act and at which a quorum was present and
voting.
Resolution No. 2014 -40(R)
Approving EDC's Loan Page 1
ADOPTED by the Wylie City Council on the 11 w day of November, 2014.
ATTEST:
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Carole Ehrlic ecretary
APPROVED:
Eric Hogue, May r
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Resolution No. 2014 -40(R)
Approving EDC's Loan Page 2
RESOLUTION NO. 2014 -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 "Act "), 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, must authorize said program and expenditure
of the Corporation; and
WHEREAS, the Wylie Economic Development Corporation Board of Directors finds and
determines that it is appropriate to approve the Project as an authorized program and expenditure
of the Corporation; and
WHEREAS, the Corporation approves the terms and conditions of the Loan Documents,
including but not limited to, a Promissory Note and Security Agreement in order to borrow the
sum of $722,365 from the American National Bank of Texas to fund a portion of the purchase
price for land and improvements located at 100 West Oak Street, 108 and 110 Jackson Avenue,
and a 6.52 acre tract on Alanis Boulevard (the "Project "); and
WHEREAS, that as security for the $722,365 loan from the American National Bank that
the Corporation Pledge the use and sales tax revenues it receives from the City of Wylie; and
WHEREAS, that the President, Marvin Fuller, is hereby authorized in the name of this
Corporation and as its own act to execute the Promissory Note and all other documents necessary
to borrow $722,365 from The American National Bank of Texas to the Corporation and to
pledge the Corporation's sales and use tax receipts as security for such Note; and
WHEREAS, that the Secretary of the Corporation is directed to certify the minutes of this
meeting and the contents of these resolutions and to deliver the certification in support of the
authority of the Director named above to act on behalf of this Corporation.
NOW, 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.
DULY PASSED AND APPROVED by the Board of Directors of the Wylie Economic
Development Corporation on this 7th day of November, 2014.
/ " I&
Marvin Fuller, President
ATTEST TO:
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John Yeag ED Secretary