98-11 R - Grant Application for Funding through the Texas Department of Economic Development CITY OF PROSPER, TEXAS
RESOLUTION NO. 9///
f,,_. A RESOLUTION APPROVING AN APPLICATION FOR FUNDING THROUGH THE TEXAS
DEPARTMENT OF ECONOMIC DEVELOPMENT TEXAS CAPITAL FUND PROGRAM;
AUTHORIZING THE MAYOR TO ACT IN THE CITY'S BEHALF IN MATTERS PERTAINING TO THE
APPLICATION; AND AGREEING NOT TO PARTICIPATE IN PROGRAM INCOME RECAPTURE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PROSPER, TEXAS, AS FOLLOWS:
SECTION 1.
The City Council has reviewed and hereby approves an application for:
Hope Lumber Company, Inc.; located on CR 48 1,200 feet west of Business 289;
for the purpose of making infrastructure (street, water line, and sanitary sewer
line) improvements $240,000
Administration $35,000
SECTION 2.
The City Council has reviewed and hereby approves and agrees to comply with all assurances
executed in connection with the application and, if funded, the award.
SECTION 3.
The Mayorviis hereby� authorized and directed to act on the City's behalf in all matters pertaining to this
application. y or-
SECTION 4.
The City Council has reviewed and hereby agrees not to participate in program income recapture and
will return all program income to the State to be placed in a statewide Revolving Loan Fund to be used
by the State to fund economic development awards. By agreeing to this measure, the City understands
that it will be eligible to receive as many Texas Capital Fund awards per program year as it has eligible
projects.
RESOLVED this day the 28th of April, 1998, by the following vote of the City Council of the City of
Prosper, Texas.
AYES:
NAYS: O
ABSTENTIONS:
APPROVED: ATTEST:
C�ecreeta , Cit .•6f Prosper
Mayor, ity of Prosper Y �� � P