Subject: 21398/Dupont/IDB/Agmt-Taxes
Date: Thu, 4 May 1989 09:49:48 -0500


                               RESOLUTION NO. 21398
                 
                 
                  A RESOLUTION TO MAKE CERTAIN FINDINGS RELATING
                  TO THE E.I. DUPONT DE NEMOURS & CO. PROJECT,
                  TO DELEGATE CERTAIN AUTHORITY TO THE
                  INDUSTRIAL DEVELOPMENT BOARD OF THE COUNTY OF
                  HAMILTON, AND TO AUTHORIZE THE MAYOR TO ENTER
                  INTO AND EXECUTE AN AGREEMENT FOR PAYMENTS IN
                  LIEU OF AD VALOREM TAXES.
                 
                 
                           ___________________________
                 
                 
       	    	 WHEREAS, pursuant to Tennessee Code Annotated, Section
       7-53-305(b) the City of Chattanooga (the "City") is permitted to
       delegate to The Industrial Development Board of the County of
       Hamilton, Tennessee (the "Corporation") the authority to 
negotiate
       and accept payments in lieu of ad valorem taxes from lessees of
       the Corporation upon a finding by the City that such payments are 

       deemed to be in furtherance of the Corporation's public purposes; 

       and
       	    	 WHEREAS, E. I. DuPont de Nemours & Co. ("DuPont") is
       contemplating the construction and equipping of an expansion of
       its manufacturing facility in Chattanooga, and, because of the
       substantial economic benefits to Chattanooga and Hamilton County
       resulting from the project, has asked the Corporation and the 
City
       to approve payments in lieu of ad valorem taxes; and
       	    	 WHEREAS, the City has determined that payments in lieu
       of ad valorem taxes from such a project would be in furtherance 
of
       the Corporation's public purposes as set forth within Chapter 53
       of Title 7 of the Tennessee Code Annotated;
0C
       	    	 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
       THE CITY OF CHATTANOOGA, TENNESSEE, That we do hereby find that
       the E. I. DuPont de Nemours & Co. project referenced above is in
       the best interest of the City of Chattanooga, and that payments 
in
       lieu of ad valorem taxes derived therefrom would be in 
furtherance
       of the Corporation's public purposes; and
       	    	 BE IT FURTHER RESOLVED, That, having made such a finding
       in this instance, we do hereby delegate to the Corporation the
       authority to negotiate and accept payments in lieu of ad valorem
       taxes from DuPont, it being further noted that this delegation is 

       for this purpose and this project only; and
       	    	 BE IT FURTHER RESOLVED, That the Mayor is hereby
       authorized to enter into an Agreement for Payments in Lieu of Ad
       Valorem Taxes in the form attached hereto, with such changes
       thereto as the Mayor shall approve.
      
       ADOPTED:	 June 3, 1997
      
       AES:cjc