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75 - RESOLUTION 1993- 123R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE REMOVAL OF ENTERPRISE PROJECT DESIGNATION, AND THE RELEASE OF ENTERPRISE PROJECT BENEFITS FOR THE CTEC FACILITY; REQUESTING APPROVAL BY THE TEXAS DEPARTMENT OF COMMERCE FOR DESIGNATION OF THE CFAN FACILITY AS AN ENTERPRISE PROJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, on February 27, 1989, the city Council adopted a resolution designating the CTEC facility in San Marcos as an Enterprise Project as set forth in section 10 of the Texas Enterprise Zone Act; and, WHEREAS, the Texas Department of Commerce ( "Commerce" ) designated the city of San Marcos Enterprise Zone (the "Zone") on October 26, 1989 including the area in which the CTEC facility is located; and, WHEREAS, CTEC sold most. of its assets to the CFAN Company effective January 29, 1993; and, ~ WHEREAS, the Texas Department of Commerce (Commerce) requires the city to approve the release of claim to Enterprise Project benefits by CTEC, and to approve the designation of the CFAN facility as an Enterprise Project; and, WHEREAS, the assumption of benefits is also subject to approval by Commerce; and, WHEREAS, Commerce will consider CFAN Company ( "CFAN") as an enterprise project pursuant to a nomination and an application made by the City of San Marcos, Texas (the "city"); and, WHEREAS, the city desires to continue the creation of the proper economic and social environment in order to induce the investment of private resources in productive business enterprises located in the Zone and to provide employment to residents of the Zone and to other economically disadvantaged individuals; and, WHEREAS, pursuant to section 10 of the Texas Enterprise Zone Act, Texas Revised civil Statutes Annotated Article 5190.7 (the "Act"), CFAN has applied to the City for designation as an enterprise project; and, WHEREAS, the City finds that CFAN meets the criteria for designation as an enterprise project under section 10(c) of the Act on the following grounds: 1. CFAN is a "qualified business" under section 3(a) (10) of the Act since it will be engaged in the active conduct of a trade or business in the Zone and at least twenty-five percent (25%) of the business' new employees will be residents of a Zone within the City's jurisdiction or economically disadvantaged individuals;