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Res 07-01 Supporting the Expansion of the Fidelity FacilityTOWN OF WESTLAKE RESOLUTION NO. 07-01 A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS, SUPPORTING THE EXPANSION OF THE FIDELITY SOUTHWEST REGIONAL CENTER IN WESTLAKE. WHEREAS, FMR Texas Limited Partnership (Fidelity Investments) completed construction on Phase I of Fidelity's Southwest Regional Center in Westlake, Texas in 2000; and WHEREAS, in order to facilitate this project the Board of Aldermen executed an Economic Development Policy, a Tax Abatement Policy, a Subdivision Improvement Agreement, and an Economic Development Agreement all designed to establish mutually agreeable terms for the Westlake project; and WHEREAS, Fidelity has established itself as a strong corporate partner of the Town of Westlake and the entire north Texas region by assisting with critical infrastructure, supporting local community events and activities and hosting scores of municipal, educational and non profit events at the Westlake campus; and WHEREAS, the Fidelity Southwest Regional Center in Westlake has flourished, growing to house over 3,000 employees and receiving recognition for both architectural design and environmental efficiency; and WHEREAS, Fidelity is currently evaluating the potential for construction of Phase Il of the Westlake campus which will result in a second facility on the Westlake campus requiring capital expenditures exceeding $100 million, comprising approximately 600,000 square feet, housing approximately 1,500 new jobs and expected to be a size and quality similar to the existing building; and WHEREAS, Fidelity has requested the Town of Westlake's support for the expansion proposal to include: a letter of support for Fidelity's application for State and County incentives and tax abatement; creation of a 50% rebate of local sales tax on eligible goods and services utilized in the construction of the second phase; a local property tax abatement on the new facility for 10 years from the date of occupancy; assistance from the Town to promptly procure all necessary water and wastewater contracts associated with the new facility; and support expedited permitting for the facility. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1. That the above findings are hereby found to be true and correct and are incorporated herein in the entirety. SECTION 2. The Board of Aldermen hereby finds and determines that it is in the best interest of the Town, its residents and businesses to support the proposed Fidelity expansion project as specified in this Resolution. SECTION 3. The Board of Aldermen hereby directs the Town Manager and Town Attorney to prepare all necessary documents to support this expansion project and begin negotiations on behalf of the Town of Westlake. PASSED AND APPROVED ON THIS 22ND DAY OF JANUARY 2007. i 1f - - Scott - Bradley, Mayor ATTEST: C� lei Sutter, TRMC, Town Secretary Trent O. Petty, Town anager APPROVE TO L. tanton Lo y, T ttorney