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DRAFT <br /> F:k4ttorney\LisakResolutions\CURRENT\C-Tech Incentive Agreement. wpd <br /> June 3, 2003 <br /> <br /> RESOLUTION NO. <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, <br /> PARIS, TEXAS, APPROVING AN INCENTIVE AGREEMENT BETWEEN <br /> THE PARIS ECONOMIC DEVELOPMENT CORPORATION AND C-TECH, <br /> INC.; APPROVING FINANCING OBTAINED BY THE PARIS ECONOMIC <br /> DEVELOPMENT CORPORATION TO FUND THE INCENTIVE <br /> AGREEMENT; MAKING OTHER FINDINGS AND PROVISIONS <br /> RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. <br /> <br /> WHEREAS, the Paris Economic Development Corporation is a non-profit corporation <br />governed by the Development Corporation Act of 1979 (the Act) and was established for the <br />purposes of promoting, assisting, and enhancing economic development; and, <br /> <br /> WHEREAS, the means and measures authorized by the Act and the assistance provided <br />therein with respect to financing are found to be in the public interest and serve a public purpose <br />of the state in promoting the welfare of the citizens of the state economically by the securing and <br />retaining of business enterprises and the resulting maintenance of a higher level of employment, <br />economic activity, and stability; and, <br /> <br /> WHEREAS, in keeping with the purposes for which the legislature enacted the <br />Development Corporation Act of 1979 and the purposes for which the voters of the City of Paris <br />established the Paris Economic Development Corporation, the Paris Economic Development <br />Corporation did heretofore, on the 5th day of June, 2003, in PEDC Resolution No. 2003-007, <br />authorize the execution of an Incentive Agreement with C-Tech, Inc., subject to approval by the <br />City Council of the City of Paris, a copy of which Agreement is attached hereto as Exhibit A; <br />and, <br /> <br /> WHEREAS, the Paris Economic Development Corporation did heretofore, on the 5th <br />day of June, 2003, in PEDC Resolution No. 2003-008, authorize the borrowing of up to <br />$2,000,000.00 from HiberniaNational Bank in the form of a line of credit to fund the incentives <br />provided under the Incentive Agreement with C-Tech, Inc. and to have resources available to <br />fund other possible incentives to future prospects, bearing interest at varying rates and terms as <br />stated in the financing proposal attached hereto as Exhibit B, and payable to Hibernia National <br />Bank in accordance with the terms thereof; and, <br /> <br /> WHEREAS, it is deemed appropriate that the City Council approve the Incentive <br />Agreement with C-Tech, Inc., attached hereto as Exhibit A, and the financing terms, attached <br />hereto as Exhibit B, and continue to support the efforts of the Paris Economic Development <br />Corporation; NOW, THEREFORE, <br /> <br /> <br />