HomeMy WebLinkAboutResolution 2007-056
RESOLUTION NO. 2007-056
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND
HILLS, TEXAS:
WHEREAS, City Council of the City of North Richland Hills desires to promote local
economic development and to stimulate business in the city, pursuant to
the authority granted by Sec. 380.001, Texas Local Government Code, as
well as pursuant to the power of the City as a home rule municipality; and,
WHEREAS, Fitz Manufacturing, LLC, the proposed grantee, has agreed, in exchange
for such grant, to occupy a 129,000 square foot facility in the city which is
currently vacant, invest a minimum of $2,000,000 (two million dollars) in
new taxable equipment and business personal property, and employ a
minimum of 120 (one hundred twenty) people at the location; NOW
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND
HILLS, TEXAS:
SECTION 1 : THAT the City Manager is hereby authorized to execute an Economic
Development Incentive Agreement with Fitz Manufacturing, LLC
conditioned and as approved by the city's attorney, granting a rebate
equal to one half of the city business personal property ad valorem taxes
paid by the grantee to the City annually beginning January 1, 2008 for a
period of 5 (five) consecutive years subject to a commitment by the
grantee to relocate to a site in North Richland Hills and, for the term of the
grant, to employ at least 120 persons at such site and to maintain
business personal property at such site of a value of at least
$2,000,000.00.
PASSED AND APPROVED this the 24th day of September, 2007.
ILLS
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George A. Staples,
,FOR~ A.ND LEGALITY:
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torney
APPROVED AS [CONTENT:
JI~Ý CL
--Thad Chambers, Director of Economic Development