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TOURISM ("OOGEDT") THROUGH THE ECONOMIC DEVELOPMENT BANK ("THE
BANK") AS AN ENTERPRISE PROJECT ("PROJECT"); AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City of Denton City Council (City) has previously passed Ordinance No.
2016-213 electing to participate in the Texas Enterprise Zone Program (Program) authorized by
Chapter 2303, Subchapter F of the Texas Enterprise Zone Act, Texas Government Code (Act),
and the local economic development incentives available in the City are the same on this date as
those outlined in Ordinance 2016-213; and
WHEREAS, the Governor's Office of Economic Development and Tourism through the
Economic Development Bank will consider the project proposed by PACCAR INC (PACCAR)
as an enterprise project pursuant to a nomination and an application made by the City; and
WHEREAS, the project is located in an area designated as an enterprise zone; and
WHEREAS, the City desires to create the proper economic and social environment to
induce the investment of private resources in productive business enterprises located in severely
distressed areas of the city and to provide employment to residents in such areas; and
WHEREAS, pursuant to the Act, PACCAR has applied to the City for designation as an
enterprise project; and
WHEREAS, the City finds that PACCAR meets the criteria for designation as an
enterprise project as required by the Act based on the following factors:
PACCAR is a "qualified business" under the Act because it will be engaged in the
active conduct of a trade or business at a qualified business site within the governing
body's jurisdiction located inside of an enterprise zone and at least twenty-five
percent (25%) of the business' new employees will be residents of an enterprise zone
or economically disadvantaged individuals, or veterans; and
2. There has been and will continue to be a high level of cooperation between the public,
private, and neighborhood entities in the area; and
3. The designation of PACCAR as an enterprise project will contribute significantly to the
achievement of the plans of the City for development and revitalization of the area.
4.
WHEREAS, the City Council finds that it is in the best interest of the City to nominate
PACCAR as an enterprise project pursuant to the Act; NOW, THEREFORE,
SECTION 1. The above recitals are adopted as findings of the City Council.
SECTION 2. The City Council nominates PACCAR INC to the Governor's Office of
Economic Development and Tourism Division, through the Economic
Development Bank, as an enterprise project that shall take effect on the date of
designation of the enterprise project by the Governor's Office of Economic
Development and Tourism Division and terminate five (5) years after the date of
designation.
SECTION 3. This resolution shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the _ 1. da,,%
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
A 11'1� 1,D AS OLEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY: