98-12 R - Grant Application for Funding through the Texas Department of Economic Development •
CITY OF PROSPER, TEXAS
RESOLUTION NO. /f)--a
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:
Outsource Solutions, Inc.; located on CR 47 1,000 feet north of :U. S. Highway 380; for Real Estate
and Building Construction $400,000
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 Mayortis hereby authorized and directed to act on the City's behalf in all matters pertaining to this
application. "-(7' 72i
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: `f
NAYS: O
ABSTENTIONS: j
APPROVED: ATTEST:
Mayor, City of Prospe City Secretary CO of Prosper