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<br /> -4- <br /> PART 3. That the City Council will provide certain <br />tax incentives applicable to businss enterprises in the zone <br />which are not applicable throughout the City as follows: <br /> The City shall refund to any qualified business located in <br /> such enterprise zone the amount of tax paid under the Municipal <br /> Sales and Use Tax Act, V.T.C.A. TAX CODE Ch. 321, by the <br /> business and remitted to the Comptroller of Public Accounts to <br /> the extent authorized by Section 321.508 of the TAX CODE for a <br /> period of five years from the date the Texas Department of <br /> Commerce certifies the entity as a qualified business under the <br /> Act. <br /> PART 4. That the area described in this resolution is designated <br />as an enterprise zone, subject to the approval of the Texas Department <br />of Commerce. <br /> PART 5. That the City Council directs and designates Larry <br />Gilley, City Manager, as the City's authorized representative to act in <br />all matters pertaining to the nomination and designation of the area <br />described herein as an enterprise zone. <br /> PART 6. That a public hearing to consider this resolution was <br />held by the City Council on February 27 , , 1989. <br /> PART 7. That this Resolution shall be in full force and effect <br />from and after its passage. <br />ADOPTED this 27 day of February , 1989. <br /> ~~,~ <br /> Mayor <br />:¡~rY~ <br />Janis K. Womack <br />City Secretary <br />