Title
Approving Economic Development Agreements for Mr. Franklin D. Gaddy and Ms. Delores Lefner.
Summary
Chapter 380 of the Local Government Code allows municipalities to establish programs that make loans and grants of public money and provide personnel and services of the municipality to promote state or local economic development and to stimulate business and commercial activity. The agreements were prepared by the City Attorney and have been approved and signed by the affected parties.
Prior City Council Action
The subject parcels were annexed for full purposes on October 9, 2007 per Ordinance No. 915-07-10-09.
Deadline for City Council Action
N/A
Projected Future City Council Action
No additional action is required.
Fiscal Impact
The fiscal impact to the budget, based on the current assessed value and tax rate, is less than $100 per year, or about $1700 over the term of the agreement.
Staff Recommendation
Approve the agreements.
Drafter
Trey Fletcher, Managing Director of Operations