From
Anna Doll
Title
Resolution approving a $2 million transfer to the City of Grand Prairie for Economic Development
Presenter
Tom Hart
Recommended Action
Approve
Analysis
The City is requesting $2 million for economic development purposes including re-development, new development, and business incentives related to development.
Financial Consideration
The Sports Corp. Fund currently has an uncommitted balance of $9,855,846.09. The $2 million transfer to the City’s MFAC Fund would result in a remaining Sports Corp balance of $7,855,846.09.
...Body
A RESOLUTION APPROVING THE TRANSFER OF $2,000,000 TO THE CITY OF GRAND PRAIRIE.
WHEREAS, the Grand Prairie Sports Facilities Development Corporation, Inc. (the “Corporation”) has determined that the Corporation has sufficient resources to cover the current fiscal year expenditures and a surplus of at least $2,000,000; desires to contribute certain monies to the City of Grand Prairie for City Economic Development including re-development, new development and incentives for economic development.
Now, therefore, be it
RESOLVED that the Board of Directors approves the transfer of $2,000,000 operating surplus to the City of Grand Prairie for Economic Development; and be it further
RESOLVED that the officers of the Corporation are authorized to take all actions and prepare all documents in order to accomplish and carry out the intents and purposes of the foregoing resolutions. They hereby are, ratified, confirmed, approved and adopted as the official acts and deeds of the Corporation.
PASSED AND APPROVED BY THE GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC. MAY 6, 2019.
___________
Ron Jensen, President
ATTEST:
_____
Jorja Clemson, Secretary