HomeMy WebLinkAboutPR 16672: APPROVING AN ECONOMIC INCENTIVE CONTRACT & LOAN AGREEMENT WITH WORLDWIDE SORBENT PRODUCTS, INC. Interoffice
MEMORANDUM 2011 DEC -8 t" 8: 23
To: Mayor, City Council, City age
From: Floyd Batiste, CEO
Date: December 6, 2011
Subject: P. R. No16672; Council Meeting on December 13, 2011
Attached is P. R. No. 16672 requesting the City Council to
approve an Incentive Contract & Loan Agreement between
Worldwide Sorbent Products, Inc. and the City of Port Arthur
Section 4A Economic Development Corporation
P. R. No. 16672
12 /06/2011 BV
RESOLUTION NO.
A RESOLUTION APPROVING AN ECONOMIC INCENTIVE
CONTRACT & LOAN AGREEMENT BETWEEN
WORLDWIDE SORBENT PRODUCTS, INC. AND THE CITY
OF PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION
WHEREAS, the City Council deems it in the public interest to authorize the City of Port
Arthur Section 4A Economic Development Corporation (the "PAEDC ") to enter into an
Economic Incentive Contract & Loan Agreement with Worldwide Sorbent Products, Inc.
( "WSP ") (the "Agreement "); and
WHEREAS, Germer Getz, L.L.P. has indicated that WSP has presented an application
qualifying as a Section 4A project as set forth in the Executive Summary of the Agreement; and
WHEREAS, the PAEDC has reviewed the WSP application and accompanying financial
statements presented by WSP and recommends approval thereof; and
WHEREAS, the PAEDC incentive is $287,143 for the purchase of equipment; and
WHEREAS, WSP shall increase its staff by March 31, 2015, to employ approximately
22 employees at an annual total payroll of $582,406 which 50% will be Port Arthur residents;
and
WHEREAS, the average wage paid per hour for its employment will be $12.50; and
WHEREAS, WSP has reviewed and approved the Agreement.
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.
i
Section 2. That the PAEDC is herein authorized to enter into an Economic Incentive
Contract and Loan Agreement with Worldwide Sorbent Products, Inc., and the President and
Secretary of the PAEDC are authorized to sign the Agreement in substantially the same form
attached hereto as Exhibit "A ".
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, Actint City Secretary
APPROVED:
Floyd Batiste, PAEDC CEO
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APPROVED AS TO FORM:
/
Guy N. Goodson, PAEDC Attorney
APPROVED AS TO FORM:
See. Co Ncid arA ∎c . M e wt.c>
Valecia R. Tizeno, City Attorney
#878356 Page3
EXHIBIT "A"
WILL BE PRESENTED AT
THE COUNCIL MEETING