HomeMy WebLinkAboutResolution - 2011-R0232 - Intent To Enter Tadx Abatement Agreement - Cmbet Corp. And X-Fab Texas Inc. - 05/31/2011Resolution No. 2011-RO232
May 31, 2011
Item No. 5.17
RESOLUTION
WHEREAS, the City Council has determined to give notice of its intent to enter into a
Tax Abatement Agreement with Cymbet Corporation and X -Fab Texas, Inc.; and
WHEREAS, V.T.C.A. Tax Code Section 312.2041 requires notice of intent of the City
Council to be given to the presiding officer of the governing body of each taxing unit in which
the property to be subject to the Tax Abatement Agreement is located; NOW THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Secretary give notice as set forth in Exhibit "A" of the intention of the
City Council to enter into a Tax Abatement Agreement with Cymbet Corporation and X -Fab
Texas, Inc., said notice to be given to the presiding officers of each governing body of each
taxing unit having jurisdiction in assessing taxes on 2301 N. University Avenue, Lubbock,
Texas, which is further described as Texas Instruments Tract A and Closed Street, City of
Lubbock, Lubbock County, Texas.
Passed by the City Council on May 31 , 2011.
TOM MARTIN, MAYOR
ATTEST:
Rebe ca Garza, City Secretat
APPROVED AS TO CONTENT:
olevl 0�at'-'�2
Rob Al ison, Asses ant City Manager
Development Services
APPROVED AS TO FORM:
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Linda L. Chamales,
Economic Development Attorney
Resolution No. 2011-RO232
EXHIBIT "A"
NOTICE OF INTENT OF THE CITY COUNCIL
OF THE CITY OF LUBBOCK TO ENTER INTO AN
AGREEMENT TO ABATE TAXES ON REAL PROPERTY
IMPROVEMENTS AND TANGIBLE PROPERTY LOCATED AT 2301 N.
UNIVERSITY AVENUE, LUBBOCK, TEXAS, WHICH IS FURTHER
DESCRIBED AS TEXAS INSTRUMENTS TRACT A AND CLOSED STREET,
CITY OF LUBBOCK, LUBBOCK COUNTY, TEXAS
Notice is hereby given that the City Council of the City of Lubbock intends to
enter into an Agreement with Cymbet Corporation and X -Fab Texas, Inc, to abate taxes
on improvements to real property and tangible personal property located within
Reinvestment Zone 2301 (RZ ##41) covering all of the subject property.
Notice is further given that the City Council of the City of Lubbock will
consider authorizing the Mayor of the City to execute a contract between the City,
Cymbet Corporation, and X -Fab Texas, Inc. for tax abatement, a draft copy of said
Agreement is attached to this notice as Exhibit "A-1" and made a part hereof for all
purposes.
Notice is further given that the City Council will consider this matter at its
meeting held in the City Council Chamber, City Hall, 1625 13th Street, City of
Lubbock, on the 9th day of June, 2011, at approximately 9:30 o'clock a.m.