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Item 9B ResolutionRESOLUTION NO. 03 -039 A RESOLUTION OF THE CITY OF SOUTHLAKE, TEXAS, APPROVING THE TERMS AND CONDITIONS OF A PROGRAM TO PROMOTE ECONOMIC DEVELOPMENT IN THE CITY; AUTHORIZING THE MAYOR TO EXECUTE AN AGREEMENT WITH FOUR PEAKS DEVELOPMENT, INC.; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Chapter 3 80 of the Texas Local Government Code authorizes municipalities to establish and provide for the administration of programs that promote economic development and stimulate business and commercial activity in the city; and WHEREAS, the City Council has been presented with a proposed agreement by and between the City of Southlake and Four Peaks Development, Inc., a copy of which is attached hereto as Exhibit "A" and incorporated herein by reference (hereinafter called the "Agreement'); and WHEREAS, upon full review and consideration of the Agreement and all matters attendant and related thereto, the City Council is of the opinion that the Agreement will assist in implementing a program whereby economic development will be promoted in the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS, THAT: SECTION 1. The City Council finds that the terms of the Agreement will promote economic development and stimulate business and commercial activity and otherwise meet the criteria of Section 380.001 of the Texas Local Government Code. SECTION 2. The City Council hereby adopts an economic development program whereby the City of Southlake will make an economic development program payment to Four Peaks Development, Inc., and take other specified actions, in accordance with the terms outlined in the Agreement. SECTION 3. The terms and conditions of the Agreement, having been reviewed by the City Council of the City of Southlake and found to be acceptable and in the best interest of the City and its citizens, are hereby approved. SECTION 4. The Mayor is hereby authorized to execute the Agreement and all other documents in Resolution No. 01 -039 adopting Verizon Wireless 380 agreement - Approved June 19, 2001 - Page 1 of 3 connection therewith on behalf of the City substantially according to the terms and conditions set forth in the Agreement. SECTION 5. This Resolution shall become effective from and after its passage. PASSED AND APPROVED this the 3r day of June, 2003. Andy Wambsganss, Mayor ATTEST: City Secretary Resolution No. 01 -039 adopting Verizon Wireless 380 agreement - Approved June 19, 2001 - Page 2 of 3 EXHIBIT A 380 AGREEMENT Resolution No. 01 -039 adopting Verizon Wireless 380 agreement - Approved June 19, 2001 - Page 3 of 3