HomeMy WebLinkAboutR25-684107
RESOLUTION R25-684
A RESOLUTION APPROVING THE EXECUTION OF AN ECONOMIC
DEVELOPMENT PROGRAM AGREEMENT WITH WALMART INC.
WHEREAS, the City of Plainview, Texas ("City") has established a program in
accordance with Article III, Chapter 52-a of the Texas Constitution and Chapter 380 of
the Texas Local Government Code under which the City has the authority to make loans
or grants of public funds for the purposes of promoting local economic development and
stimulating business and commercial activity within the City; and
WHEREAS, Walmart Inc. or its subsidiaries, including but not limited to Wal-Mart
Stores East, LP and Wal-Mart Associates, Inc. ("Walmart"), owns a regional distribution
center (the "Distribution Center"), including both real property and tangible personal
property, within the TRZ EZ No. 1; and
WHEREAS, the City desires to provide, pursuant to Chapter 380 of the Texas
Local Government Code, incentives to help Walmart modernize, update, and expand its
operations at the Distribution Center; and
WHEREAS, Walmart's modernized, updated, and expanded operations at the
Distribution Center necessitate the reconstruction of a road adjacent to the Distribution
Center; and
WHEREAS, Walmart desires to fund a portion of the reconstruction of the road
adjacent to the Distribution Center; and
WHEREAS, the City possesses the legal and statutory authority under Chapter
380 of the Texas Local Government Code to make loans or grants of public funds for the
purposes of promoting local economic development and stimulating business and
commercial activity within the City; and
WHEREAS, a grant of funds to Walmart will serve the public purposes of
promoting local economic development, with the development and diversification of the
economy of the State and City, will eliminate unemployment and underemployment in the
State and City, and will enhance business and commercial activity within the City.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Plainview, Texas ("City Council") that:
1. The City Council finds that entering into the Economic Development
Program Agreement with Walmart for the Distribution Center will serve the best interests
of the City and its residents and will promote economic development in the City and will
meet the requirements of Article III, Section 52-a of the Texas Constitution and Chapter
380 of the Texas Local Government Code by assisting in the development and
Resolution R25-684 Page 1 of 2
diversification of the economy of the State, by eliminating unemployment or
underemployment in the State, and by the development or expansion of commerce within
the State.
2. The City Council approves the execution of an Economic Development
Program Agreement with Walmart for the Distribution Center.
3. The City Council accepts reimbursement from Walmart in an amount up to
$5,600,000 for the reconstruction of a road adjacent to the Distribution Center.
PASSED AND APPROVED this 11th day of November, 20 5
Charles Star es, ayor
A
wiSTioe�) &��
Belinda Hinojosa, City Se e ry
1
Resolution R25-684
Page 2 of 2