2016-229sAlegal\our d0CUments\ordinances\1 6\ed investment fund ord 05 191 6.doex
ORDINANCE No. 2016-229,
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS,
ESTABLISHING AN ECONOMIC DEVELOPMENT INVESTMENT FUND; DEFINING AND
COMMITTING CERTAIN REVENUES OF THE CITY; PROVIDING A SEVERABILITY
CLAUSE; AND PROVIDING AN EFFECTIVE D.
WHEREAS, the City Council of the City of Denton elects to establish a Special Revenue
Fund to be called the Economic Development Investment Fund; and
WHEREAS, the Governmental Accounting Standards Board ("GASB") has adopted
Statement 54, which states that Special Revenue Funds are used to account for and report the
proceeds of specific revenue sources that are restricted or committed to expenditures for specified
purposes other than debt service or capital projects; and
WHEREAS, the City Council of the City of Denton elects to commit $150,000 annually of
the mixed beverage taxes previously accounted for in the General Fund for Economic Development
activities beginning with fiscal year ending September 30, 2016; and
WHEREAS, the City Council of the City of Denton approved a budget of $150,000 for FY
2015-16 for Economic Development activities; and
WHEREAS, the City Council of the City of Denton elects to establish the Economic
Development Investment Fund in conjunction with its financial statements beginning with fiscal year
ending September 30, 2016; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The City Council hereby creates the Economic Development Investment Fund,
an official fund of the City of Denton, Texas.
SECTION 2. In order to be eligible to receive a grant under this program, a company must
meet at least two of the following criteria:
1) providing higher -wage or knowledge-based jobs;
2) making a substantial capital investment; and
3) addressing a recruitment or supplier target.
Higher -wage jobs are defined as having an average annual wage of $55,000 or greater for all
positions or at least 25% of the positions have an annual wage of $65,000 or greater.
sAlegahour documents\ordinances\16\ed investment fund ord 051916.doex
Knowledge-based jobs are defined as occupations which:
Require specialized and theoretical knowledge, usually acquired through a college
education or through work experience or other training which provides comparable
knowledge;
* Require some research, analysis, report writing and presentations; and
e Require special licensing, certification, or registration to perform the job task.
Substantial capital investment under the Economic Development Investment Fund is a minimum
of $15 million.
Recruitment or supplier targets include aviation; advanced manufacturing; renewable energy;
research and development; information technology; supply chain logistics and distribution, and
large consumers of municipal utilities.
SECTION 3. If any section, subsection, paragraph, sentence, clause, phrase or word in this
ordinance, or application thereof to any person or circumstances is held invalid by any court of
competent jurisdiction, such holding shall not affect the validity of the remaining portions of this
ordinance, and the City Council of the City of Denton, Texas hereby declares it would have enacted
such remaining portions despite any such validity.
SECTION 4. This Ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the—A tO _day of&� _72016.
41T, —A R
CHRIS
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
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