2016-3736 - 8/25/2016 RESOLUTION NO.2016-3736
WHEREAS, by Ordinance, the City Council has adopted a sales and use tax for the benefit of
the Round Rock Transportation and Economic Development Corporation("RRTEDC"); and
WHEREAS, one of the primary purpose for which the sales and use tax may be spent is to
promote and develop new or expanded business enterprises that create or retain primary jobs; and
WHEREAS, the City Council has previously approved economic incentive agreements with
various entities seeking to develop new or expanded business enterprises that create or retain primary
jobs; and
WHEREAS, these agreements provide for the payment of Economic Incentive Payments
("BIP's")to the business entities; and
WHEREAS, the Board of Directors of the RRTEDC wish to approve the use of RRTEDC
funds to make said EIP's; and
WHEREAS, the business entities and the EIP's are listed in Exhibit"A," attached hereto,Now
Therefore
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ROUND ROCK
TRANSPORTATION AND ECONOMIC DEVELOPMENT CORPORATION,
That the FY 2016-2017 Economic Incentive Payments for the Round Rock Transportation and
Economic Development Corporation, attached hereto as Exhibit "A,"are hereby approved.
The Board of Directors 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.
0112.1604;00362513
RESOLVED this 25th day of August, 2016.
By: O/Y)
ALAN MCGRAW, President
Round Rock Transportation and Economic
Development Corporation
ATTEST•
wAk
J SLOAN, Secretary
2
EXHIBIT
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City of Round Rock Type B Funds /1
Economic Incentive Payments-#1
As of: 08/11/16
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021
Total
Company Committed Estimated Estimated Estimated Estimated Estimated Estimated
Insys Therapeutics 30,000 10,000 10,()00 10,000 0 0 0
Houghton Mifflin Harcourt Publishing 350,000 0 100,000 100,000 100,000 50,000 0
Odyssey Technical Solutions,LLC 110,000 103,000 7,000 0 0 0 0
ProPortion Foods,LLC 400,000 0 200,000 100,000 100,000 0 0
Airco Mechanical 190,000 190,000 0 0 0 0 0
Ups 500,000 1 0 0 0 250,000 250,000 0
alEconomic Incentive Payments 80,000 0 00,000 0
Z:\Budget\FY 17\Fund Schedules\Type B\Type B Five Year Schedule_currentType B Board Revised EIP