RES 2015-12RESOLUTION No. 2015-12
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, TEXAS, APPROVING AND AUTHORIZING A
PROJECT OF THE TROPHY CLUB ECONOMIC DEVELOPMENT
CORPORATION TO PURCHASE LAND FOR AUTHORIZED
PURPOSES
WHEREAS, the Town of Trophy Club, Texas (the "Town"), has approved and
authorized the creation of the Trophy Club Economic Development Corporation (the
"Corporation") as a Texas nonprofit corporation, pursuant to Chapters 501, 502 and 505 of the
Texas Local Government Code, as amended (the "Act"), to act on behalf of the Town in its
pursuit of economic development to promote and develop projects so as to eliminate
unemployment and underemployment and to promote and encourage employment and the public
welfare and to promote new and expanded business enterprises; and
WHEREAS, the levy by the Town of an economic development sales and use tax (the
"Sales Tax"), for the benefit of the Corporation under the Act was authorized by a majority of
the qualified voters of the Town voting at an election called and held for that purpose; and
WHEREAS, the Town has established and levies, maintains and collects on behalf of the
Corporation the Sales Tax pursuant to the Act; and
WHEREAS, upon receipt of the proceeds of the Sales Tax the Town delivers the
proceeds to the Corporation to use in carrying out its functions; and
WHEREAS, the Corporation wishes to expend revenues from the Sales Tax, or the
proceeds of Corporation sales tax revenue bonds paid from the Sales Tax, on the purchase of
approximately 7.441 total acres of land consisting of two parcels located generally at the
northeast corner of Trophy Wood Drive and Plaza Drive and at Lot 2, Block 1 Solana Land
Addition located generally north of State Highway 114 and west of Trophy Wood Drive within
the Town, for the purpose of promoting new or expanded business development in accordance
with the purposes authorized by Chapter 505 of the Act, including Section 505.158 (the
"Project"); and
WHEREAS, the Corporation anticipates the issuance of sales tax revenue bonds to fund
the acquisition of the Project; and
WHEREAS the Town desires to authorize and approve the Project and expenditure of
Sales Tax revenues; and
WHEREAS, the Corporation has published notice of the Project and will hold a public
hearing on the Project, all as specified in the Act;
WHEREAS, it is officially found, determined, and declared that the meeting at which this
Resolution has been adopted was open to the public and public notice of the time, place and
subject matter of the public business to be considered and acted upon at said meeting, including
44915837.1
this Resolution, was given, all as required by the applicable provisions of Chapter 551, Texas
Government Code, as amended;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF TROPHY CLUB, TEXAS:
Section 1. The findings and determinations set forth in the preambles hereto are
hereby incorporated by reference for all purposes.
Section 2. The Town, acting by and through this Town Council, hereby approves and
authorizes the Project and the expenditure of Sales Tax revenues for the Project.
Section 3. This Resolution'shall take effect upon adoption after its second reading.
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#4915837.1
FIRST READING PASSED AND APPROVED by the Town Council of the Town of
Trophy Club, Texas this 11th day of August 2015.
SECOND READING PASSED AND APPROVED by the Town Council of the Town
of Trophy Club, Texas this 25th day of August 2015.
C. Nick Sanders, Mayor
Town of Trophy Club, Texas
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ATTEST: Fp APPROVED AS TO FORM:
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Holly FiTbks, Town'`r Y�1 �t�3�' Patricia A. Adams, Town Attorney
Town of Trophy Club, Texas--- �- Town of Trophy Club, Texas
Signature Page for Resolution of the Town Council Approving 4B Project