HomeMy WebLinkAboutRES 2011-072 RESOLUTION NO. 2011-72
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, NOMINATING GAMESTOP, INC. TO
THE OFFICE OF THE GOVERNOR, ECONOMIC
DEVELOPMENT AND TOURISM THROUGH THE
ECONOMIC DEVELOPMENT BANK FOR DESIGNATION
AS A DOUBLE JUMBO ENTERPRISE PROJECT
("PROJECT") UNDER THE TEXAS ENTERPRISE ZONE
PROGRAM UNDER THE TEXAS ENTERPRISE ZONE
ACT, CHAPTER 2303, TEXAS GOVERNMENT CODE
("ACT") AND PROVIDING AN EFFECTIVE DATE
WHEREAS, on August 3, 2010, the City of Grapevine, Texas (the "City")
previously passed Ordinance No. 2010-38 electing to participate in the Texas Enterprise
Zone Program, and the local incentives available under this resolution are the same on
this date as were outlined in Ordinance No. 2010-38; and
WHEREAS, the Office of the Governor Economic Development and Tourism
("OOGEDT") through the Economic Development Bank ("Bank") will consider
GameStop, Inc. (the "Company") as a double jumbo enterprise project pursuant to a
nomination and an application made by the City; and
WHEREAS, the City Council of the City of Grapevine, Texas, desires to pursue
the creation of the proper economic and social environment in order to induce the
investment of private resources in productive business enterprises located in the City
and to provide employment to residents of enterprise zones and to other economically
disadvantaged individuals; and
WHEREAS, pursuant to Chapter 2303, Subchapter F of the Texas Enterprise
Zone Act, Texas Government Code (the "Act"), GameStop, Inc. has applied to the City
for designation as a double jumbo enterprise project; and
WHEREAS, the City finds that GameStop, Inc. meets the criteria for designation
as a double jumbo enterprise project under Chapter 2303, Subchapter F of the Act on
the following grounds:
1. GameStop, Inc. is a "qualified business" under Section 2303.402 of the Act since
it will be engaged in the active conduct of a trade or business at a qualified
business site within the governing body's jurisdiction located outside of an
enterprise zone and at least thirty-five percent (35.0%) of the business's new
employees will be residents of an enterprise zone or economically disadvantaged
individuals.
2. There has been and will continue to be a high level of cooperation between
public, private, and neighborhood entities within the area.
3. The designation of GameStop, Inc. as a double jumbo enterprise project will
contribute significantly to the achievement of the plans of the City for
development and revitalization of the area.
WHEREAS, the City finds that GameStop, Inc. meets the criteria for tax relief and
other incentives adopted by the City and nominates GameStop, Inc. for double jumbo
enterprise project status on the grounds that it will be located at the qualified business
site, will create a higher level of employment, economic activity and stability; and
WHEREAS, the City finds that it is in the best interest of the City to nominate
GameStop, Inc. as a double jumbo enterprise project pursuant to the Act.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That the findings of the City and its actions approving this resolution
taken at the council meeting are hereby approved and adopted.
Section 2. That the City finds that GameStop, Inc. is a "qualified business", as
defined in Section 2303.402 of the Act, and meets the criteria for designation as a
double jumbo enterprise project, as set forth in Section 2303, Subchapter F of the Act.
Section 3. That the City nominates GameStop, Inc. to the State of Texas for
Double Jumbo Enterprise Project status.
Section 4. That the enterprise project shall take effect on the date of
designation of the enterprise project by OOGEDT and terminate 5 years after the date
of designation.
Section 5. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 15th day of November, 2011.
APPROVED:
William D. Tate
Mayor
RES. NO. 2011-72 2
ATTEST:
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Linda Huff II
City Secretary
APPROVED AS TO FORM:
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John F. Boyle, Jr.
City Attorney
FES. NR). 2011-72 3