R-2015-3137 - 12/17/2015 RESOLUTION NO. R-2015-3137
WHEREAS, Airco Mechanical, Inc., (herein referred to as " Airco") has expressed to the
City of Round Rock ("City") its desire to lease and improve the property and building located at
1000 South IH-35 in the City which will provide jobs and additional tax base, and
WHEREAS, §380.001 Local Government Code provides that a municipality may
establish an economic development program ("Program") to promote local economic
development and to stimulate business and commercial activity in the municipality, and
WHEREAS, the City Council has determined that the Program described in Exhibit "A"
will meet the goals set forth in said §380.001 and will be of mutual benefit to both parties, Now
Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS,
That the City offers to Airco a §380.001 Program in exchange for Airco leasing and
improving the property and building located at 1000 South IH-35 in the City, and
BE IT FURTHER RESOLVED
That the offer of the Program shall be as generally outlined in Exhibit "A" attached
hereto and incorporated herein for all purposes.
The City Council hereby finds and declares that written notice of the date, hour, place
and subject of the meeting at which this Resolution was adopted was posted and that such
meeting was open to the public as required by law at all times during which this Resolution and
the subject matter hereof were discussed, considered and formally acted upon, all as required by
the Open Meetings Act, Chapter 551, Texas Government Code, as amended.
0112.1504;00347870
RESOLVED this 17th day of December, 2015.
ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
C � UM��
SARA L. WHITE, City Clerk
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EXHIBIT A
ECONOMIC DEVELOPMENT PROGRAM
The terms of the §380.001 Economic Development Program to be offered to Airco
Mechanical, Inc. ("AIRCO") in exchange for AIRCO's locating an a commercial office building
and fabrication shop in the City of Round Rock are as generally outlined below:
1. To obtain such benefits, AIRCO shall:
1.1. Lease the property and building located at 1000 South I1-1-35, Round Rock,Texas.
1.2 Occupy the building located thereon as a commercial office and fabrication shop
in the City (the "Facility").
1.3 Provide for a total of 365 employees at the Facility.
2. City's obligations:
2.1 City shall, subject to AIRCO's satisfaction of its obligations set out above, snake
Economic Incentive Payments ("EIP") to AIRCO as set forth below.
2.2 City shall make an EIP to AIRCO in the amount of$190,000 within 30 days after
the City has received proof that AIRCO has signed a lease for the property for at
least 7 years and has taken possession of the property.
2.3 In addition, the City shall, subject to AIRCO's satisfaction of its obligations set
out above, make seven Additional Economic Incentive Payments to AIRCO. The
Additional Economic Incentive Payments shall be based on AIRCO's sales
subject to the City's one percent (1%) general sales tax, and shall be in the
amount of 50% of the sales tax revenues generated for the immediately preceding
calendar year.
3. The terms and provisions of this Program will be set out in more detail in the Economic
Development Program Agreement of even date herewith.
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