From
Bob O'Neal
Title
Resolution nominating Bell Helicopter Textron, Inc. for an Enterprise Zone Project
Presenter
Bob O'Neal, Economic Development Director
Recommended Action
Approve
Analysis
Bell Helicopter Textron is requesting nomination for the State of Texas Enterprise Project Status for Job Retention by the City of Grand Prairie. If selected, Bell would be eligible to receive State sales tax rebates from taxable purchase made by the Company in its retooling efforts.
Bell currently has 1,200 employees at its 1700 North Highway 360 Grand Prairie facility. Bell plans to purchase 29 million dollars' worth of capital equipment over the next few years. Bell hopes to receive a Texas Enterprise Program designation from the State of Texas to assist with the retention of these jobs for the length of the program's 5 year designation period.
Bell has been a long time major employer and a great corporate citizen within the City. Bell is committed to hiring 35% economically disadvantaged persons or enterprise zone residents over the next five years for new or replacement jobs at the facility.
Financial Consideration
None
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, AUTHORIZING THE CITY OF GRAND PRAIRIE TO NOMINATE BELL HELICOPTER TEXTRON INC. TO THE OFFICE OF THE GOVERNOR ECONOMIC DEVELOPMENT AND TOURISM ("OOGEDT") THROUGH THE ECONOMIC DEVELOPMENT BANK ("BANK") FOR DESIGNATION AS A QUALIFIED BUSINESS AND ENTERPRISE PROJECT ("PROJECT") UNDER THE TEXAS ENTERPRISE ZONE PROGRAM UNDER THE TEXAS ENTERPRISE ZONE ACT, CHAPTER 2303, TEXAS GOVERNMENT CODE ("ACT").
WHEREAS, the City of Grand Prairie (the "City") has previously passed Ordinance No. 7358 electing to participate in the Texas Enterprise Zone Program, and the local incentives offered under this resolution are the same on this date as were outlined in Ordinance 7358,
WHEREAS, the Office of the Governor Economic Development and Tourism (OOGEDT) through the Economic Development Bank...
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