Resolution 2005-23 RESOLUTION NO. 2005-23 R
A RE50LUTION OF THE CITY COUNCIL OF THE CITY OF
WYLIE, COLLIN COUNTY, TEXAS, AUTHORIZING THE WYLIE
ECONOMIC DEVELOPMENT CORPORATION TO ENTER INTO
DEBT IN THE AMOUNT OF $1,245,039 FOR THE DEVELOPMENT
OF A BUSINESS PARK AND REDEVELOPMENT OF LAND
WITHIN REGENCY BUSINESS PARK; AND DECLARING AN
EFFECTIVE DATE.
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 to construct facilities within a business park
~ which will provide jobs and increase the tax base and redevelop a deteriorating site
within Regency Business Park (the "Projects");
WHEREAS, local financial institutions have submitted proposals to assist in funding
the Proj ects;
WHEREAS, the Board of Directors of the Wylie Economic Development
Corporation will approve a resolution providing for the approval of a loan proposal from
a local financial institution, pursuant to which the local financial institution will lend to
the Wylie Economic Development Corporation an amount to be used to fund the
Projects; and
WHEREAS, Section 25 ( fl of the Economic Development Corporation Act of 1979,
Article 5190.6, Texas Revised Civil Statutes, as amended, requires that the governing
body of the City of Wylie authorize any indebtedness of the Wylie Economic
Development Corporation no more than sixty (60) days prior to the execution 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 L The City Council of the City of Wylie, Texas authorizes the Board of
~ Directors of the Wylie Economic Development Corporation to enter into debt in the
Resolution No. 2005-23(R)
WEDC Authorization to Purchase of Property Regency Park
1
amount of $1,245,039 with a local financial institution and pledge sales tax money to the
repayment of said debt for the purpose of completing the Projects.
Section 2. This resolution was approved by the City Council of the City of Wylie,
Collin County, Texas on July 26, 2005, at which a quorum was present and voting.
DULY PASSED AND APPROVED this 26th day of July, 2005.
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CAROLE E ICH, C1ty Secretary
Resolution No. 2005-23(R)
WEDC Authorization to Purchase of Property Regency Park
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