HomeMy WebLinkAboutPR 14164:EDC/CASH GRANT LIMITinteroffice
MEMORANDUM
To~
From:
Date:
Subject:
Mayor, City Council, City Manager
Floyd Batiste, CEO
May 31, 2007
P. R. No. 14164; Council Meeting of June 5, 2007
Attached is P. R. No. 14164 as it is pertains to setting a policy limit on future cash
grant incentives for 4A projects by the Port Arthur Section 4A Economic Development
Corporation. The limit on cash grants will be set at $250,000, not to include discounts on the
sale of land or loans. This was approved by the PAEDC Board of Directors at its May 30, 2007,
regular meeting.
z.pr14164.memo
P. R. No.14164
RESOLUTION NO.
A RESOLUTION SETTING A POLICY LIMIT ON ANY
FUTURE CASH GRANT INCENTIVES FOR 4A PROJECTS
BY THE PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION AT $250,000, NOT TO
INCLUDE DISCOUNTS ON THE SALE OF LAND OR
LOANS.
WHEREAS, the City of Port Arthur Section 4A Economic
Development Corporation Board of Directors,
meeting on May 30,
WHEREAS, the
2007; and
Board of Directors of
held its regular
the City Port Arthur
Section 4A Economic Development Corporation voted to place a
limit on any future cash grant incentives for 4A Projects at
$250,000, not to include discounts on the sale of land or loans.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PORT ARTHUR,
Section 1.
true and correct.
Section 2.
approves placing a
4A Projects by the
Corporation at
land or loans.
Section 3.
TEXAS:
That the facts and opinions in the preamble are
That the City Council of Port Arthur herein
limit on any future cash grant incentives for
Port Arthur Section 4a Economic Development
$250,000, not to include discounts on the sale of
That a copy of the caption of this Resolution
the City Council.
be spread upon the Minutes of
z.pr14164
READ#
the City of Port Arthur,
Mayor
ADOPTED AND APPROVED on this day of
A.D., 2007, a5 a Meeting of the City Council
AYES:
following vote:
t
Councilmembers
Texas, by ~he
NOES:
of
.ATTEST:
MAYOR
EVANGELINE GREEN. CITY SECRETARY
APPROVED:
FLOYD BATISTE, EDC CEO
APPROVED AS TO FOR3,I:
~IARK ~: SO'I~LOW. CITY ATTORNEY