Title
Consider/Discuss/Act on a Resolution Nominating Encore Wire Corporation to the Office of the Governor, Economic Development and Tourism and the Economic Development Bank for Designation as a Qualified Business and Enterprise Project Under the Texas Enterprise Zone Program Under the Texas Enterprise Zone Act, Chapter 2303, Texas Government Code
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1C: Provide a strong city economy by facilitating a balance between industrial, commercial, residential and open space)
MEETING DATE: August 17, 2021
DEPARTMENT: Development Services
City Manager's Office
City Attorney
CONTACT: Michael Quint, Executive Director of Development Services
Barry Shelton, Assistant City Manager
Mark Houser, City Attorney
RECOMMENDED CITY COUNCIL ACTION:
* Approve the resolution.
ITEM SUMMARY:
* The City has been approached by Encore Wire, requesting nomination as an Enterprise Project under the Texas Enterprise Zone Program ("Program") in order to utilize additional incentives available through the State of Texas.
* The City held a public hearing on November 29, 2017, in conjunction with the adoption of Ordinance 2017-11-101 reaffirming the City's continued participation in the Program pursuant to the Texas Enterprise Zone Act, Chapter 2303, Texas Government Code, ("Act"), and identifies the local business and tax incentives that may be available, at the election of the City Council, to any nominated "Project" or "Activity," as those terms are defined by the Act.
* The proposed resolution nominates Encore Wire's upcoming expansion for Enterprise Project status.
* The proposed resolution confirms that the incentives identified in the proposed resolution considered by the City Council on this date are the same incentives that will or may be made available to Medical Center McKinney as a nominated Project pursuant to the Act.
* The proposed resolution also confirms Encore Wire is a "qualified bus...
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