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HomeMy WebLinkAboutR83-PHIF©93 RESOLUTION A RESOLUTION OF THE PLAINVIEW INDUSTRIAL FOUNDATION, INC. OF PLAINVIEW, TEXAS ALLOWING A WARRANTY DEED FOR LAND TOTALING 21.9177 ACRES LOCATED IN THE INDUSTRIAL PARK NORTH BE GIVEN TO THE CITY OF PLAINVIEW, TEXAS IN EXCHANGE FOR A SUM OF $235,000 FROM THE DESIGNATED INDUSTRIAL DEVELOPMENT FUND OF THE CITY FOR THE PUR- POSE OF REQUESTING A GRANT TO MAKE IMPROVEMENTS TO SAID PROPERTY. WHEREAS, by action taken by the City Council on June 26, 1975, a building located at the MBPXL Plant site was donated to the City of Plainview to be used for Industrial purposes by the community; and WHEREAS, by actions of the City Council on November 13, 1979 said building was repurchased by MBPXL and that time the proceeds from the sale were used to established a separate fund to be used only for industrial development purposes in this community; and WHEREAS, it has now become apparent that these funds are needed and can be used in tbe best interest of industrial development for Plainview by the Plainv~ew Industrial Foundation; and WHEREAS, in order to abide by State Law for such transfer a consid- eration must by paid by both parties and that being; a transfer of title to 21,9177 acres of property located in the North Industrial Park by the Industrial Foundation to the City for for the purpose of requesting grant funds to make necessary improvements to said property and at which time ownership of the property by the City would be required; NOW, THEREFORE BE IT RESOLVED by tbe President and Board of Direc- tors of the P]ainview Industrial Foundation, Inc. that a Warranty Deed be given to the City of Plainview, Texas for land totaling 21.9177 acres located in the Industrial Park North in exchange for funds accumulated and designated to be used only for Industrial Development purposes (according to a tacet agreement with the City) in tbis community in the amount of $235,000 so that the City may request grant funds with wbicb improvements can be made to said property. PASSED AND APPROVED this 10tb day of October, 1983. ATTEST: W~_~THOMAS, Secretary