| | | | | | | | AGENDA MEMO
BUSINESS OF THE CITY COUNCIL
CITY OF FULSHEAR, TEXAS
AGENDA OF:
| 9/17/2024
| ITEMS:
| X.H. | DATE SUBMITTED:
| 9/6/2024
| DEPARTMENT:
| Economic Development
| PREPARED BY:
| Annel Guadalupe
| PRESENTER:
| Annel Guadalupe
| SUBJECT: CONSIDERATION OF RESOLUTION NO. 2024-638, A RESOLUTION OF THE CITY OF FULSHEAR, TEXAS AUTHORIZING PROJECTS OF THE FULSHEAR DEVELOPMENT CORPORATION (FDC), A TYPE “B” ECONOMIC DEVELOPMENT SALES TAX CORPORATION (1ST READING)
| Expenditure Required: $ 868,667
| Amount Budgeted: $868,667
| Funding Account: 700-100-5414-00, 700-100-5415-00, 701-900-5906-40,
| Additional Appropriation Required:
| | Funding Account: |
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| | | | | | | | EXECUTIVE SUMMARY
On July 15, 2024, the Fulshear Development Corporation (FDC) declared projects for Fiscal Year 2024-2025 (FY25), finding that budgeted expenditures will promote or develop new or expanded business enterprises. The FDC adopted Resolution FDC 2024-01 at the same meeting. The Texas Local Government Code requires the authorizing entity (City Council) to adopt a resolution authorizing the project after giving the resolution at least two separate readings before the EDC may spend funds related to specific projects. This is due to the proposed specific project expenditure amount being greater than $10,000.
RECOMMENDATION
Staff and the City of Fulshear Development Corporation recommend the approval of Resolution No. 2024-638.
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