HomeMy WebLinkAbout029663 ORD - 10/23/2012Page 1 of 3
Ordinance
Approving a Type A Incentives Agreement between the Corpus
Christi Business and Job Development Corporation ("Type A
Corporation") and M&G Resins USA, LLC ("M&G") to provide a grant
of up to $3,000,000 for constructing two plants in the inner harbor,
investing $751 million, creating 220 full-time jobs, and paying at least
$11.7 million in annual wages and authorizing the City Manager, or
designee, to execute a Project Support Agreement with the Type A
Corporation to administer the M&G Type A Incentives Agreement
and appropriating $3,000,000 from the unreserved fund balance in
the No. 1140 BusinesslJob Development Fund for a business
incentive grant from the Type A Corporation to M&G for constructing
two plants in the inner harbor, investing $751 million, creating 220
full-time jobs, and paying at least $11.7 million in annual wages;
Changing the FY 2012-2013 operating budget, adopted by Ordinance
No. 029565, by increasing proposed expenditures by $3,000,000.
WHEREAS, the TypeA Corporation has budgeted funds to assist businesses create or
retain jobs in the City of Corpus Christi, Texas ("City").
WHEREAS, the Type A Corporation has requested proposals from businesses that will
create or retain jobs within the City, and determined that the proposal from M&G to
construct two new plants in the inner harbor within the City's industrial district will best
satisfy this goal;
WHEREAS, City Council deems that it is the best interest of the City and citizens to
approve the business incentives agreement for M&G's construction of two new plants
between the Type A Corporation and M&G;
WHEREAS, there is a need for a business incentives project support agreement
between the City and the Type A Corporation for the implementation and administration
of the business incentives agreement for M&G's construction of two new plants between
the Type A Corporation and M&G.
Now, therefore, be it resolved and ordained by the City Council of the City of
Corpus Christi, Texas:
SECTION 1. That the business incentives agreement for the creation and retention of
jobs between the Type A Corporation and M&G that provides for the construct two new
plants in the inner harbor within the City's industrial district, which is attached to this
ordinance as Exhibit A, is approved.
SECTION 2. That the City Manager, or designee, is authorized to execute a project
support agreement between the City and Type A Corporation for the implementation
and administration of the business incentives agreement with M&G, which is attached to
this ordinance as Exhibit B.
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029663
INDEXED
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SECTION 3. That $3,000,000 from the unreserved fund balance in the No. 1140
Business/Job Development Fund is appropriated for a business incentive grant from the
Type A Corporation to M&G for construction of two new plants.
SECTION 4. That Ordinance No. 029565, which adopted the FY 2012-2013 Operating
Fund, is changed to increase proposed expenditures in the No. 1140 Business/Job
Development Fund by $3,000,000 for a business incentive grant from the Type A
Corporation to Craft Training Center for expansion of its facility.
That the foregoing ordinance was ead for the "first time and passed to its second.
reading on this the Lot"day of UC , 2012, by the following vote:
Joe Adame
Chris N. Adler
Kerley Allen
Larry Elizondo
Priscilla G. Leal
David Loeb
John E. Marez
Nelda Martinez
MOW' Mark Scott
That the fore ing ordin was read for the second time and passed finally on this
the y of (C , 012, by the following vote:
Joe Adame � David Loeb
U
Chris N. Adler John E. Marez
Kelley Allen Nelda Martinez
Larry Elizondo Mark Scott 01440)
Priscilla G. Leal
grc:Llay
�PASSED AND APPROVED, this the of ('bL#lC,r , 2012.
ATTEST:
hh,t9r0.01---
Armando Chapa
City Secretary
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Joe dame
Mayor •
029663
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CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas. (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date: October 23, 2012
Agenda Item:
Ordinance approving a Type A Incentives Agreement between the Corpus Christi
Business and Job Development Corporation ("Type A Corporation") and M&G Resins
USA, LLC (uM&G") to provide a grant of up to $3,000,000 for constructing two plants in
the inner harbor, investing $751 million, creating 220 full-time jobs, and paying at least
$11.7 million in annual wages and authorizing the City Manager, or designee, to execute
a Project Support Agreement with the. Type A Corporation to administer the M&G Type A
Incentives Agreement and appropriating $3,000,000 from the unreserved fund balance
in the No. 1140 Business/Job Development Fund for a business incentive grant from the
Type A Corporation to M&G for constructing two plants in the inner harbor, investing
$751 million, creating 220 full-time jobs, and paying at least $11.7 million in annual
wages; Changing the FY 2012-2013 operating budget, adopted by Ordinance No.
029565, by increasing proposed expenditures by $3,000,000.
Amount Required: $ 3,000,000.00
Fund Name
Account No.
Fund No.
Org. No.
Project No.
Amount
CCBJDC
530000
1140
15010
$3,000,000
Total
$3,000,000
❑ Certification Not Required
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