HomeMy WebLinkAbout030269 RES - 08/29/2014 Page 1 of 3
Resolution nominating M & G Resins USA, LLC ("M & G") to the
Office of the Governor Economic Development & Tourism ("EDT")
through the Economic Development Bank ("Bank") as a double
jumbo enterprise project pursuant to the Texas Enterprise Zone Act
("Act").
WHEREAS, the City of Corpus Christi ("City") has previously passed on August 26,
2014, Ordinance No. (0. 2LQ(lelecting to participate in the Texas Enterprise Zone
Program, and the local incentives offered under this Resolution are the same on this
date as were outlined in Ordinance No.0,A.00
WHEREAS, the EDT through the Bank will consider M & G as a double jumbo
enterprise project pursuant to a nomination and an application made by the City;
WHEREAS, the City desires to pursue the creation of the proper economic and social
environment in order to induce the investment of private resources in productive
business enterprises located in the City and to provide employment to residents of
enterprise zones and to other economically disadvantaged individuals;
WHEREAS, pursuant to the Act, M & G has applied to the City for designation as a
double jumbo enterprise project; and
WHEREAS, the City finds that M & G, located at 7001 Joe Fulton International Corridor,
Corpus Christi, Texas 78409, meets the criteria for designation as a double jumbo
enterprise project under the Act on the following grounds:
1. M & G is a "qualified business" under Section 2303.402 of the Act since it
will be engaged in the active conduct of a trade or business at a qualified
business site located in an enterprise zone and at least twenty-five
percent (25.0%) of the business' new employees will be residents of an
enterprise zone or economically disadvantaged individuals;
2. M & G is located in an enterprise zone, which is in Census Tract 63, Block
Group 1, as defined by the most recent federal decennial census available
at the time of designation, in which at least 20 percent of the residents of
the block group have an income at or below 100 percent of the federal
poverty level;
3. There has been and will continue to be a high level of cooperation
between public, private, and neighborhood entities within the area; and
4. The designation of M & G as a double jumbo enterprise project will
contribute significantly to the achievement of the plans of the City for
development and revitalization of the area;
WHEREAS, the City finds that M & G meets the criteria for tax relief and other
incentives adopted by the City and nominates M & G for double jumbo enterprise
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INDEXED
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project status on the grounds that it will be located at a qualified business site and will
create a higher level of employment, economic activity, and stability; and
WHEREAS, the City finds that it is in the best interest of the City to nominate M & G as
a double jumbo enterprise project pursuant to the Act;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. That the findings of the City Council and its actions approving this
Resolution taken at the council meeting on August ' 2014, are hereby approved and
adopted. `�,
SECTION 2. That M & G is a "qualified business" as defined in Section 2303.402 of the
Act and meets the criteria for designation as a double jumbo enterprise project as set
forth in the Act.
SECTION 3. That the enterprise project shall take effect on the date of designation of
the enterprise project by the EDT and terminate 5 years after the date of designation.
ATTEST: THE CITY OF CORPUS CHRISTI
Rebecca Huerta Nelda Martinez
City Secretary Mayor
Page 3of3
Corpus rti, Texas
2-9 of , 2014
The above resolution was passed by the following vote:
Nelda Martinez (1
Kelley Allen / !
Rudy Garza Jr. �=
Priscilla G. Leal A 44144
David Loeb
Chad Magill 0-10, '
Colleen McIntyre
Lillian Riojas
Mark Scott
0302 (39