Resolution 2018-38RESOLUTION NO. 2018-38(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WYLIE, TEXAS, APPROVING A RESOLUTION OF THE WYLIE
ECONOMIC DEVELOPMENT CORPORATION TO OBTAIN A
$4,500,000 LOAN FROM THE AMERICAN NATIONAL BANK
OF TEXAS TO THE WYLIE ECONOMIC DEVELOPMENT
CORPORATION AND RELATED MATTERS
WHEREAS, the Wylie Economic Development Corporation (the "Corporation") was
established by ordinance of the City Council (the "City Council") of the City of Wylie, Texas
(the "City"), subsequent to an ' election to impose and assess a one-half cent sales tax for
economic development in the City;
WHEREAS, one of the purposes for which the Corporation was established is to provide
for the creation of jobs in the City and to increase the tax base of the City;
WHEREAS, the Corporation desires to borrow an amount not to exceed $4,500,000
from The American National Bank of Texas (the "Bank") which borrowing is to be secured by a
pledge of the Corporation's sales tax receipts to finance the purchase of multiple parcels via
separate closings, as part of a master -planned redevelopment effort as authorized under Chapter
501 of the Texas Local Government Code, as amended, located in the City (the "Project");
WHEREAS, the Board of Directors of the Corporation has duly reviewed the Project as
0 well as the financing of the Project and the Loan Agreement and Security Agreement, both by
and between the Corporation and the Bank, related to the proposed indebtedness;
WHEREAS, the Bank has committed to enter into the aforementioned Loan Agreement
to assist in funding the Project; and
WHEREAS, Section 501.204 of the Texas Local Government Code, as amended,
requires that the City Council approve the resolution of the Board of Directors of the 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, TEXAS, THAT:
Section 1. The City Council of the City of Wylie, Texas, hereby specifically
approves the Resolution of the Board of Directors of the Wylie Economic Development
Corporation authorizing the Project and approving a loan in the amount not to exceed $4,500,000
from The American National Bank of Texas.
Section 2. It is officially found, determined, and declared that the meeting at which
this Resolution is passed was open to the public and public notice of the time, place, and subject
matter of the public business to be considered at such meeting, including this Resolution, was
given, all as required by V.T.C.A., Government Code, Chapter 55 1, as amended.
Resolution No. 2018-38(R) - Approving A Resolution Of The Wylie Economic Development Corporation
Section 3. This Resolution shall take effect and be in full force from and after its
passage on the date shown below in accordance with V.T.C.A., Government Code, Section
1201.028.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS, ON
DECEMBER 11, 2018.
ATTEST:
Stepl�anie Storm, City Secretary
APPROVED:
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Eric Hogu4' N18pr
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Resolution No. 2018-38(R) - Approving A Resolution Of The Wylie Economic Development Corporation