14-Texas Capital Fund Infrastructure Grant Program to construct a water main to supply Daisy Farms

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CITY COUNCIL AGENDA ITEM BRIEFING SHEET Submittal Date: Originating Department: Presented By: Agenda Item No.: 08/17/09 Council Date: City Manager Kim Lacey 14. 08/24/09 RECOMMENDED MOTION: Move to approve a resolution authorizing a$1,000,000 application for a Texas Capital Fund Infrastructure Grant Program to construct a water main to supply Daisy Farms and authorizing the City Manager to negotiate and execute all necessary documents. POLICY ISSUE(S): Economic development; Required by program BACKGROUND: The Texas Capital Fund (TCF) provides no-match grants for up to $1,000,000 to build public infrastructure to assist a business that commits to create and/or retain permanent jobs, of which a minimum of 51 percent or more the jobs must benefit persons who qualify as low- and moderate- income. The proposed project will build a water main from the south boundary of Chisum ISD south along Hwy. 19/24 approximately four miles to the proposed location of Daisy Farms. In exchange, Daisy Farms agrees to create a minimum of 100 new jobs. Although the estimated cost of the project is greater than the amount of the grant, Daisy Farms has committed to pay for the difference between the grant funds and the total cost of the water main. The grant consultant will be paid out of the $60,000 included in the grant for administration. BOARD/COMMISSION RECOMMENDATION: EXHIBITS: Texas Capital Fund program description; Resolution; Application ACTION: BUDGET INFO: ❑ Financial Report ❑ Minute Order Expense $ ❑ Department Report Z Resolution Budgeted Amt. $ ❑ Presentation ❑ Ordinance y'I'D Actual $ Z Public Hearing ❑ Other Acct. Name Acct. Number FISCAL NOTES: REVIEWED AND APPROVED BY: Z Administration Z City Cletk ❑ Community Development ❑ EMS/IT ❑ Finance ❑ Fire ❑ Municipal Court Z Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Urilities City of Paris Revised 2/04/08