File #: 12-00705    Version: Name:
Type: Ordinance Status: Passed
File created: 9/25/2012 In control: City Council
On agenda: 10/16/2012 Final action: 10/23/2012
Title: Second Reading Ordinance - Approving Type A agreement and appropriating funds for constructing two plants at the port (1st reading 10/16/12) (Requires 2/3 vote) Ordinance approving a Type A Incentives Agreement between the Corpus Christi Business and Job Development Corporation ("Type A Corporation") and M&G Resins USA, LLC ("M&G") to provide a grant of up to $3,000,000 for constructing two plants in the inner harbor, investing $751 million, creating 220 full-time jobs, and paying at least $11.7 million in annual wages and authorizing the City Manager, or designee, to execute a Project Support Agreement with the Type A Corporation to administer the M&G Type A Incentives Agreement and appropriating $3,000,000 from the unreserved fund balance in the No. 1140 Business/Job Development Fund for a business incentive grant from the Type A Corporation to M&G for constructing two plants in the inner harbor, investing $751 million, creating 220 full-time jobs, and paying at least $11.7 millio...
Sponsors: Economic Development
Attachments: 1. Agenda Memo Exec Summary Form - M&G Resins, 2. ORDINANCE MG 9-28-12, 3. Type A Incentive Agreement - signed by MG 27Sept2012, 4. Type A Business Support Agreement - MG 9 25 12
Title
Second Reading Ordinance - Approving Type A agreement  and appropriating funds  for constructing two plants at the port (1st reading 10/16/12) (Requires 2/3 vote)
 
Ordinance approving a Type A Incentives Agreement between the Corpus Christi Business and Job Development Corporation ("Type A Corporation") and M&G Resins USA, LLC ("M&G") to provide a grant of up to $3,000,000 for constructing two plants in the inner harbor, investing $751 million, creating 220 full-time jobs, and paying at least $11.7 million in annual wages and authorizing the City Manager, or designee, to execute a Project Support Agreement with the Type A Corporation to administer the M&G Type A Incentives Agreement and appropriating $3,000,000 from the unreserved fund balance in the No. 1140 Business/Job Development Fund for a business incentive grant from the Type A Corporation to M&G for constructing two plants in the inner harbor, investing $751 million, creating 220 full-time jobs, and paying at least $11.7 million in annual wages; Changing the FY 2012-2013 operating budget, adopted by Ordinance No. 029565, by increasing proposed expenditures by $3,000,000.