HomeMy WebLinkAboutRes 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