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170 RESOLUTION 1989-89R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS DESIGNATING CTEC, INC. AS AN ENTERPRISE PROJECT AS SET FORTH IN SECTION lØ OF THE TEXAS ENTERPRISE ZONE ACT; DECLARING THAT THE ENTERPRISE PROJECT SHALL TAKE EFFECT UPON THE DESIGNATION OF THE ENTERPRISE ZONE AND ON THE DATE OF DESIGNATION OF THE ENTERPRISE PROJECT BY THE TEXAS DEPARTMENT OF CO~lHERCE AND SHALL TERMINATE FIVE (5) YEARS AFTER THE DATE OF DESIGNATION; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City of San Marcos has submitted an application for designation of the San Marcos Enterprise Zone (lithe Zonell) to the Texas Department of Commerce (II Commerce II) on July 6, 1989; and, WHEREAS, Commerce will consider CTEC, Inc., as an enterprise project pursuant to the Zone approval and a nomination and application made by the City of San Harcos, Texas (the II City"); and, WHEREAS, the City desires to pursue the creation of the proper economic and social environment in order to induce the investment of private resourcces in productive business enterprises located in the Zone and to provide employment to residents of the Zone and to other economically disadvantaged individuals; and, vlHEREAS, pursuant to Section lØ of the Texas Enterprise Zone Act, Texas Revised Civil Stattutes Annotated Article 519Ø.7 (the "Act"), CTEC, Inc. has applied to the City for designation as an enterprise project; and, \VHEREAS, the City finds that CTEC, Inc. meets the criteria for designation as an enterprise project under Section lØ(c) of the Act on the following grounds: 1. CTEC, Inc. is a "qualified business" under Section 3(a)(9) 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 employees will be residents of a Zone within the City's jurisdiction or economically disadvantaged individuals; 2. CTEC, Inc. is located in the Zone which has an unemployment rate of not less than one and one-half (1 1/12) times the state unemployment rate; 3. There has been and will continue to be a high level of cooperation between public, private, and neighborhood entities within the Zone; and, 4. The designation of CTEC, Inc. as an enterprise project will contribute significantly to the achievement of the plans of the City for development and revitalization of the Zone. WHEREAS, the City finds that CTEC, Inc. meets the criteria for tax relief and other incentives adopted by the City and nominates CTEC, Inc. on the grounds that it will be located wholly within the Zone, will create a higher level of employment, economic activity and stability; and WHEREAS, the City finds that it is in the best interests of the City to nominate CTEC, Inc. as an enterprise project pursuant to the Act; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. That the findings of the City and its actions approving this resolution taken at the council meeting are hereby approved and adopted. PART 2. That CTEC, Inc. is a "qualified business", as defined in Section 3(a)(9) of the Act, and meets the criteria for designation as an enterprise project, as set forth in Section lØ of the Act.