HomeMy WebLinkAbout030414 RES - 02/10/2015 Page 1 of 2
Resolution
Approving the First Amendment to the Business Incentive
Agreement between the Corpus Christi Business and Job
Development Corporation ("Type A Corporation") and Sam Kane
Beef Processors, LLC ("Sam Kane") to accelerate the incentive
payments for the creation and retention of jobs at their beef packing
plant in the City of Corpus Christi extra territorial jurisdiction
Whereas, the Type A Corporation has budgeted funds to assist businesses create and
retain jobs in the City of Corpus Christi, Texas ("City");
Whereas, The Type A Corporation and the City Council approved in June 2013 a grant
to Sam Kane of $3,000,000 with equal payments of $600,000 over 5 years that was
deemed in the best interest of the City and citizens and approved the business incentive
agreement for the creation and retention of jobs at Sam Kane between the Type A
Corporation and Sam Kane;
Whereas, Sam Kane is faced with market difficulties beyond their control and, having
been paid $600,000 in the first year of the grant, has requested the remaining incentive
amount of$2,400,000 be accelerated to this year; and
Whereas, The Type A Corporation voted on January 19, 2015 to approve the
amendment, setting forth various conditions for the acceleration and requiring the
retention of 739 jobs and the creation of 70 jobs for 809 jobs in total;
Now, therefore, be it resolved by the City Council of the City of Corpus Christi,
Texas:
SECTION 1. That the first amendment to the business incentive agreement for the
creation and retention of jobs at Sam Kane between the Type A Corporation and Sam
Kane, which is on file at the City Secretary's office, is approved.This esolution takes effect upon City Council approval on this the 101 ay of
2015.
ATTEST: THE CITY OF CORPUS CHRISTI
4"-Q-A-2(r" \—\eRebecca Huerta Nelda Martine
City Secretary Mayor
030414
INDEXED
Page 2 of 2
..hAPPROVED: 1Tayof 015.
Corpus Christi, Texas
1011-j of LoAi /,AA , 2015
I
The above resolution was passed .y the following vote:
Nelda Martinez Brian Rosas I
Carolyn Vaughn ii 1 Colleen McIntyre I
I
Rudy Garza ALillian Riojas ___Aii __
01804 Lucy Rubio 1 . ) Mark Scott
Chad Magill
030414
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: February 10, 2015
Agenda Item: Approving the First Amendment to the Business Incentive Agreement between the
Corpus Christi Business and Job Development Corporation ("Type A Corporation") and Sam Kane Beef
Processors, LLC ("Sam Kane") to accelerate the incentive payments for the creation and retention of
jobs at their beef packing plant in the City of Corpus Christi extra territorial jurisdiction
Amount Required: $ 2.400,000
Fund Name Account No. Fund No. Org. No. Mission Amount
Element
530000 1140 15020 707 $2,400,000
Total $2,400,000
❑Certification Not Required
•
Director of Financial Services
Date: FEB 0 9 2015
i S-oo r 3