HomeMy WebLinkAboutR-1499-5-97' RESOLUTION NO. 1499-5-97(R)
A RESOLUTION OF THE CITY OF ALLEN, TEXAS, APPROVING TBE TERMS
AND CONDITIONS OF A TAX ABATEMENT AGREEMENT BY AND AMONG THE
CITY OF ALLEN, TEXAS, JSC REALTY AND INVESTMENT SERVICES, INC. AND
BALL SEMICONDUCTOR, INC.; AUTHORII.ING ITS EXECUTION BY THE MAYOR;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council has been presented a proposed Tax Abatement Agreement by
and among the City of Allen, Texas, JSC Realty and Investment Services, Inc. and Ball Semiconductor,
Inc., a copy ofwhich is attached hereto and incorporated herein by reference; and
WHEREAS, upon full review and consideration of the Agreement, and all matters related
thereto, the City Council is of the opinion and finds that the terms and conditions thereof should be
approved, and that the Mayor should be authorized to execute the Agreement on behalf of the City of
Allen, Texas;
NOW, THEREFORE, BE rr RESOLVED BY THE CITY COUNCIL OF THE CITY
' OF ALLEN, TEXAS, that:
I. The Agreement attached hereto having been reviewed by the City Council of the City
of Allen, Texas, and found to be acceptable and in the best interest of the City and its
citizens, be, and the same is hereby, in all things approved, and the Mayor is hereby
authorized to execute the Agreement on behalf of the City of Allen, Texas.
2. The City Council finds that the improvements proposed to be built upon the Premises
described in the Agreement will enhance the economic vitality of the community
through a combination of new capital investment, increased sales tax revenues, and the
creation of additional job opportunities.
3. The tax abatement to be granted by the Agreement will not include inventories, and
supplies.
4. The improvements proposed for the Premises will accomplish the tax abatement
guidelines of the City of Allen, Texas.
5. The City Manager delivered to the presiding officer of the governing body of each
taxing unit in which the property subject to the Agreement is located, a written notice
that the City of Allen, Texas, intends to enter into the Agreement. The notice given by
' the City Manager included a copy of the Agreement approved by this Resolution.
6. This Resolution and the Tax Abatement Agreement are hereby approved by the
' affirmative vote of the majority of the members of the City Council of the City of Allen,
Texas, at a regularly scheduled meeting of the City Council.
7. This Resolution shall become effective immediately from and after its passage.
DULY RESOLVED AND ADOPTED by the City Council of the City of Allen, Texas, on this the
15th day of May , 1997.
�STerrell, MAY
ATTEST:
Ju"owu, CITY SECRETARY
' Resolution No. 1499-5-97 (R) Paget