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Home My WebLink AboutRES 95-006 t RESOLUTION NO. _ WHEREAS, the City has negotiated Industrial District Contracts for the period 1995 through 2001; and, WHEREAS, these contracts provide for payments to the City of Beaumont each year in lieu of annexation and in lieu of the payment of ad valorem taxes which would be required if such annexation were to take place; and, WHEREAS, the City Manager should be authorized to execute contracts with these industries containing terms as follows: Mobil Oil Corporation 7 Year term, openers in the 5th year 1st payment 80% of assessed value (AV) $5,227,292 2-3 payments 80% of AV (cap/floor of 10%) 4-7 payments 75% of AV (cap/floor of 7%) Payments on or before February 1st All other contracts are basically the same as the Mobil contract, the differences are noted below: E. I. duPont deNemours and Company, Inc. 1st payment $1,028,299, no openers ICI Acrylics, Inc. 1st payment $358,206, no openers Beaumont Methanol Corporation 1st payment $393,600 (AV is agreed to be $80,000,000 for the first year, to be increased by plant additions in subsequent years) years 2-7 80% of AV, no caps, no openers P. D. Glycol 1st payment $450,573, no openers T. E. Products Pipeline Company, Limited Partnership 1st payment $15,239, no caps, no openers Entergy/Gulf States Utilities 1st payment $58,786, no caps, no openers Olin Corporation 1st payment $50,003, no caps, no openers Atochem 1st payment $141,496, no caps, no openers NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the City Manager be and he is hereby authorized to execute Industrial District Contracts with Mobil Oil Corporation, E. I. duPont deNemours and Company, Inc., ICI Acrylics, Beaumont Methanol Corporation, P. D. Glycol, T. E. Products Pipeline Company, Limited Partnership, Entergy/Gulf States Utilities, Olin Corporation and Atochem. Said Contracts containing the terms and conditions for each company outlined herein. PASSED BY THE CITY COUNCIL of the City of Beaumont on this the 151--X - day of , 1995. - Mayor -