HomeMy WebLinkAboutPR 16282: AMENDMENT OF EDC INCENTIVE AGREEMENT POLICIES AND PROCEDURES Interoffice
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MEM RAND
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/ Po/
To: Mayor, City Council, City Manager
Froin: Floyd Batiste, CEO ( f)
Date: July 6, 2011
Subject: P. R. No. 16282; Council Meeting on July 12, 2011
A RESOLUTION APPROVING THE AMENDMENT OF
EXHIBIT B OF THE CITY OF PORT ARTHUR SECTION
4A ECONOMIC DEVELOPMENT CORPORATION'S
POLICIES AND PROCEDURES FOR INCENTIVE
CONTRACTS PERTAINING TO THE INCENTIVE
AGREEMENT FLOWCHART
P.R. No. 16282
07/06/2011 kv
RESOLUTION NO.
A RESOLUTION APPROVING THE AMENDMENT OF
THE CITY OF PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION'S POLICIES AND
PROCEDURES FOR INCENTIVE CONTRACTS
PERTAINING TO THE INCENTIVE AGREEMENT
FLOWC HART
WHEREAS, per Resolution No. 03 -307, the City Council approved policies and
procedures for the City of Port Arthur Section 4A Economic Development Corporation (the
"PAEDC ") Economic Incentive Contracts and or Loan Agreements; and
WHEREAS, per Resolution No. 09 -459, the City Council approved to repeal Resolution
03 -307, and approved new policies and procedures for the PAEDC Economic Incentive
Contracts and or Loan Agreements; and
WHEREAS, on March 7, 2011 at its regular meeting, the Board of Directors of the
PAEDC approved amending the policies and procedures referring to the submission of proposed
PAEDC Type A and B economic incentives and or loan agreements to City Council as described
in Exhibit "A "; and
WH EREAS, the City Council deems it in the best interests of the citizens of Port Arthur
to approve the amendment to the policies and procedures referring to the submission of proposed
PAEDC grant incentive projects and agreements to City Council as described in Exhibit "A ".
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PORT ARTHUR, TEXAS:
Section 1. That the facts and opinions in the preamble are true and correct.
Section 2. That the amended policies and procedures for PAEDC Type A and B
economic incentives and or loan agreements, as described in Exhibit "A" are approved.
Section 3. That a copy of the caption of this Resolution be spread upon the Minutes of
the City Council.
READ, ADOPTED AND APPROVED on this day of A.D., 2011,
at a Meeting of the City Council of the City of Port Arthur, Texas, by the following vote:
AYES:
Mayor
Councilmembers
NOES:
Deloris "Bobbie" Prince, Mayor
ATTEST:
Sherri Bellard, Acting City Secretary
APPROVED:
Floyd Batiste, PAEDC CEO
#825 "'16 Page 2
APPROVED AS TO FORM:
Guy N. Goodson, PAEDC Attorney
APPROVED AS TO FORM:
a ' �11111,i
Valecia R. Tizeno, City At 4" ey
#825 -16 Page 3
Exhibit "A"
Process for Submission of Proposed Resolutions to Council Concerning
Agreements
1. Preliminary inquiry by Applicant
2. CEO/ Staff verifies if project is eligible for 4A and 4B funds
3. CEO/ Staff verifies if funds are available in budget and sends project
letter of intent to Board of Directors of EDC, City Manager, City Attorney,
and EDC Counsel.
4. EDC Board receives project presentation and refers to City Attorney for
possible presentation to Council
5. If Board/ Council is interested in the proposed project, EDC Staff begins
the project application process.
6. EDC Staff initiates due diligence review of applicant's completed project
application and financials.
7. EDC Counsel receives completed project application and verifies projects
eligibility to receive 4A and 4B funds.
8. Confidential report by EDC Staff/ NDC as to applicant. Experience,
financials, business & Marketing plan. Capitalization and accounting is
prepared
9. CEO reviews confidential financial report and gives recommendation as
to proposed Economic Incentive to Board and City Attorney.
10.If approved, Economic Incentive Agreement is prepared by EDC Counsel
and submitted to EDC Board, City Attorney, and applicant for preliminary
approval.
11.Placed on EDC Board agenda for approval/ modification of the Incentive
Agreement
12.Approved Incentive Agreement is sent to City Attorney and Incentive
recipient for review / approval.
13.EDC Staff to submit proposed resolution and Incentive Agreement to City
Attorney for review..
14.City Council receives proposed resolution and Incentive Agreement and
recommendation from EDC for approval.
15.City Council acts to approve, modify, or reject Incentive Agreement
1 rejected or amended City Attorney notifies EDC and Incentive recipient
of required amendment to proposed Incentive Agreement or
determination not to pursue.
1.7.If approved, City Council Resolution adopted and City Attorney reviews
Incentive Agreement for consistency with Resolution.
18.Incentive recipient notified of requirement to close and to fund Incentive
Agreement and undertake steps to close.
19.Closing/ Execution of EDC Incentive Agreement.