HomeMy WebLinkAboutPR 18821: RESCINDING RESOLUTION NO. 14-369 IN ITS ENTIRETY AS IT PERTAINS TO ENTERING INT AN ECONOMIC INCENTIVE, EDC CITY OF PORT ARTHUR
Port Arthur Economic Development Corporation
Interoffice
MEMORANDUM
To: City Attorney's Office
From: Floyd Batiste, CEO
Date: January 14, 2015
Subject: P. R. No. 18821; Council Meeting on February 3, 2015
A RESOLUTION AUTHORIZING THE CITY OF PORT ARTHUR
SECTION 4A ECONOMIC DEVELOPMENT CORPORATION TO
RESCIND RESOLUTION 14-369, IN REFERRENCE TO ENTERING
INTO AN INCENTIVE CONTRACT & LOAN AGREEMENT WITH
GBM GLOBE TEXAS,LLC.
Cc: City Council Members
City Manager
FB/pr
P.R. No. 18821
1/14/15 pr
RESOLUTION NO.
A RESOLUTION RESCINDING RESOLUTION NO. 14-369 IN ITS
ENTIRETY AS IT PERTAINS TO ENTERING INTO AN ECONOMIC
INCENTIVE CONTRACT & LOAN AGREEMENT BETWEEN THE
CITY OF PORT ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION,AND GBM GLOBE TEXAS, LLC
WHEREAS, on August 4, 2014, the City of Port Arthur Section 4A Economic
Development Corporation (the "PAEDC") Board of Directors approved entering into an
Economic Incentive Contract and Loan Agreement (the "Agreement") with GBM Globe Texas,
LLC ("GBM"); and
WHEREAS, on August 19, 2014, the City Council of the City of Port Arthur authorized
PAEDC to enter into the Agreement with GBM; and
WHEREAS, GBM Manufacturing, Inc., a Chinese Corporation with its headquarters
located in Xing Tai, China and GBM Globe Texas, LLC, a Texas Limited Liability Company
and a subsidiary of GBM Manufacturing, Inc. elected not to move forward with the Agreement;
and
WHEREAS, on January 13, 2015,the PAEDC Board of Directors approved rescinding
Resolution No. 14-369 in its entirety as it pertains to the Agreement between PAEDC and GBM.
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 That Resolution No. 14-369 is hereby rescinded in its entirety.
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., 2015,
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, City Secretary
APPROVED:
Floyd Batiste, PAEDC EO
APPRO D A: 0 FORM:
Guy N. Goodson, PAEDC Att i ey
APPROVED AS TO FORM:
V,,
Valecia ' . Tizeno, City Attorney
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