2003-102-RES APPROVE INCENTIVE AGREEMENT BETWEEN PEDC AND C-TECH

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RESOLUTION NO. 2003-102 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, APPROVING AN INCENTIVE AGREEMENT BETWEEN THE PARIS ECONOMIC DEVELOPMENT CORPORATION AND C- TECH, INC.; APPROVING FINANCING OBTAINED BY THE PARIS ECONOMIC DEVELOPMENT CORPORATION TO FUND THE INCENTIVE AGREEMENT; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Paris Economic Development Corporation is a non-profit corporation governed by the Development Corporation Act of 1979 (the Act) and was established for the purposes of promoting, assisting, and enhancing economic development; and, WHEREAS, the means and measures authorized by the Act and the assistance provided therein with respect to financing are found to be in the public interest and serve a public purpose of the state in promoting the welfare of the citizens of the state economically by the securing and retaining of business enterprises and the resulting maintenance of a higher level of employment, economic activity, and stability; and, WHEREAS, in keeping with the purposes for which the legislature enacted the Development Corporation Act of 1979 and the purposes for which the voters of the City of Paris established the Paris Economic Development Corporation, the Paris Economic Development Corporation did heretofore, on the 5th day of June, 2003, in PEDC Resolution No. 2003-007, authorize the execution of an Incentive Agreement with C- Tech, Inc., subject to approval by the City Council of the City of Paris, a copy of which Agreement is attached hereto as Exhibit A; and, WHEREAS, the Paris Economic Development Corporation did heretofore, on the 5th day of June, 2003, in PEDC Resolution No. 2003-008, authorize the borrowing of up to $2,000,000.00 from Hibernia National Bank in the form of a line of credit to fund the incentives provided under the Incentive Agreement with C- Tech, Inc. and to have resources available to fund other possible incentives to future prospects, bearing interest at varying rates and terms as stated in the financing proposal attached hereto as Exhibit B, and payable to Hibernia National Bank in accordance with the terms thereof; and, WHEREAS, it is deemed appropriate that the City Council approve the Incentive Agreement with C- Tech, Inc., attached hereto as Exhibit A, and the financing terms, attached hereto as Exhibit B, and continue to support the efforts of the Paris Economic Development Corporation; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: