2.b.
Texas City Industrial Development Corporation Agenda
- Meeting Date:
- 06/15/2022
- Title:
- Discuss and Consider a Resolution Regarding the Request of Sandpiper Chemicals LLC for the Issuance of One or More Series of Revenue Bonds
- Submitted By:
- Garrett McLeod, Economic Development
- Department:
- Economic Development
Information
ACTION REQUEST (Brief Summary)
Discuss and Consider a Resolution Regarding the Request of Sandpiper Chemicals LLC for the Issuance of One or More Series of Revenue Bonds
BACKGROUND
The Texas City Industrial Development Corporation was established on October 3, 1979 for the purpose of issuing bonds to finance the cost of projects inside the boundaries of Texas City. As well as promote the development and expansion of manufacturing and industrial facilities to promote employment and the public welfare.
Currently, the City of Texas City Mayor and staff has held discussions with Sandpiper Chemical LLC on the potential establishment of an industrial facility in Texas City. As part of this potential establishment, Sandpiper Chemical LLC has made a request for the issuance of one of more series of revenue bonds for the purposes of financing the construction of the facility.
Staff is recommending the approval of the Resolution regarding the request of one or more series of revenue bonds.
Currently, the City of Texas City Mayor and staff has held discussions with Sandpiper Chemical LLC on the potential establishment of an industrial facility in Texas City. As part of this potential establishment, Sandpiper Chemical LLC has made a request for the issuance of one of more series of revenue bonds for the purposes of financing the construction of the facility.
Staff is recommending the approval of the Resolution regarding the request of one or more series of revenue bonds.
ANALYSIS
Staff recommends the approval of the Resolution regarding the question of Sandpiper Chemicals LLC. The potential issuance of one or more series of revenue bonds would not exceed eight hundred million United States Dollars ($800,000,000.00).