HomeMy WebLinkAboutRES 95-212 RESOLUTION NO.
WHEREAS, the City has negotiated an Industrial District Contract for the period
1995 through 2001; and,
WHEREAS, this contract provides 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 a contract with
Trinity Industries containing terms as follows:
7 Year term, openers in the 5th year
1 st payment 80% of assumed city taxes due (ACTD) $97,205
2nd payment 80% of ACTD
3rd payment 80% of ACTD (cap/floor of 10%)
4-7 payments 75% of ACTD (cap/floor of 7%)
First payment due on or before September 30, 1995
Subsequent payments on or before February 1 st
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 an Industrial District
Contract with Trinity Industries containing the terms and conditions outlined herein.
PASSED BY THE CITY COUNCIL of the City of Beaumont on this the
day of l �z �. , 1995.
- Mayor -
Pro Tem