Title
Consider/Discuss/Act on a Resolution Nominating Encore Wire to the Office of the Governor, Economic Development Bank as a Texas Enterprise Project
Summary
COUNCIL GOAL: Economic Development
MEETING DATE: August 23, 2010
DEPARTMENT: City Manager’s Office
CONTACT: Aretha Harvey, Assistant to City Manager
Jennifer Fung, Executive Director of Finance
RECOMMENDED CITY COUNCIL ACTION:
Approve Resolution.
ITEM SUMMARY:
This resolution nominates Encore Wire to the Governor’s Office for designation as an Enterprise Project.
Special incentives are available through the state for new or expanded businesses in the Enterprise zone that achieve “Enterprise Project” status.
Encore Wire is planning to expand their current operations by building a Research and Development facility at its current site.
The enterprise zone areas within the City are reinvestment zones in accordance with the Texas Tax Code, Chapter 312.
The City Manager or his designee will be the City’s liaison to communicate and negotiate with the Office of the Governor, Economic Development and Tourism through the Bank and enterprise project(s) to oversee enterprise zone activities and communications with qualified businesses and other entities in an enterprise zone or affected by an enterprise project.
BACKGROUND INFORMATION:
The City desires to create the proper economic and social environment to induce the investment of private resources in productive business enterprises located in severely distressed areas of the City and to provide employment to residents of such areas.
State designation as an Enterprise Project alls a business to obtain State sales and use tax refunds for machinery, equipment, building materials, and energy.
SPECIAL CONSIDERATIONS: N/A
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A