HomeMy WebLinkAboutResolution - 5383 - Supplemental Grant Agreement - MLEDC - Economic Development Services - 01_09_1997RESOLUTION NO.5383
Item #15
January 9, 1997
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and directed to
execute for and on behalf of the City of Lubbock a Supplemental Grant Agreement, attached
herewith, by and between the City of Lubbock and Market Lubbock Economic Development
Corporation for economic development services, and any associated documents, which
Agreement shall be spread upon the minutes of the Council and as spread upon the minutes of
this Council shall constitute and be a part of this Resolution as if fully copied herein in detail.
Passed by the City Council this 9th day of Jar , 1997.
J
ALEX -TY" C OKE, MAYOR PRO TEMPORE
ATTEST:
Kay a Darnell, City Secretary
APPRjQVED AS %TO CONTENT:
Atkd-)
Debra B. Forte', Assistant City Manager
APPROVED AS TO FORM:
EKhald G. Vandiver, First Assistant
City Attorney
DGV/ccdocs/a-mrklbk. res
January 2, 1997
RESOLUTION NO. 5383
Item #15
January 9, 1997
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
WHEREAS, the City of Lubbock, Texas, a Texas home rule municipal
corporation hereinafter called "City," and Market Lubbock Economic Development
Corporation, a Texas non-profit corporation hereinafter called "MLI," have heretofore on
January 19, 1996, entered into a Grant Management Agreement for economic
development purposes pursuant to Section 380.002 of the Local Government Code of
Texas; and
WHEREAS, said Grant Management Agreement provides at Section 2.03(a) that the
City may from time to time make separate grants of funds for specific projects to MLI;
and
WHEREAS, the City of Lubbock desires to make such a grant to MLI and MLI
desires to receive such a grant; NOW THEREFORE:
The parties hereto agree as follows:
WITNESSETH:
The purpose of this Agreement is to provide an economic development incentive
to foster elimination of unemployment and underemployment and to stimulate business
and commercial activity within Lubbock.
DUTIES OF RECIPIENT
MLI agrees to accept $1,000,000.00 of funds to be used by MLI to further
promote local economic development and to stimulate business and commercial activity
in the municipality and for such purposes as are stated by Section 1.01 of the Grant
Management Agreement between the parties.
DUTIES OF THE CITY
The City agrees to provide supplemental grant funding for the purposes stated in
this Agreement of up to $1,000,000.00 to promote local economic development and to
stimulate business and commercial activity in the municipality as provided by the Grant
Management Agreement between the City and MLI. The supplemental grant funding
provided by this Agreement shall be subject to the same financial reporting requirements
as are provided in Section 2.05 of the Grant Management Agreement between the parties
and the City shall be given authorization in a reasonable and timely manner to audit MLI
records to ascertain that the funds have been expended according to this Agreement.
Notwithstanding any other provision in this agreement, the total incentives to be
paid to MLI by City under this agreement is limited to an aggregate of $1,000,000,
TERM
The term of this Agreement shall be for one (1) year from an effective date of
October 1, 1996. Payments are to be disbursed to MLI by the City on or as
soon as possible after January 9, 1997. Should renewal occur, payment will also be
renewed accordingly.
FULL AGREEMENT
This agreement contains the entire understanding and agreement reached by the
parties and supersedes all other written or oral exchanges, agreements, arrangements, or
negotiations between them or their legal representatives, and may not be altered, amended
or modified, except by writing properly executed documents by the party to be charged
thereby.
SUCCESSORS AND ASSIGNS
All covenants and agreements herein shall inure to the benefit of and be binding
upon the parties hereto and their respective successors and assigns.
FUTURE ASSURANCES
The parties agree to cooperate fully and use their best efforts to carry out the full
purpose and intent of this Agreement. Each party agrees to take such future actions and
execute such additional documents as may be required or appropriate to give full force
and effect to this Agreement.
FORCE MAJEURE
If any default or performance of any other covenant or term of this Agreement is
delayed by reason of war, civil commotion, act of God, governmental restrictions,
regulations, or interference, fire or other casualty, or any other circumstances beyond a
signatory party's control, then the duty to do or perform the term or covenant, regardless
of whether the circumstance is similar to any of those enumerated or not, is excused
during the delay period.
E
CAPTIONS
The captions, headings, and arrangements used in this Agreement are for
convenience only and do not in any way affect, limit, amplify or modify the terms and
provisions hereof
iuelftMJ�L��1i1►M�
This Agreement may be simultaneously executed in a number of identical
counterparts, each of which for all purposes shall be deemed an original. This Agreement
may also be executed separately by all or any of the parties, and all such. Agreements
shall collectively be deemed as an original executed Agreement of all of the parties.
SIGNED AND EXECUTED on this the 9th day of January ,1990. 7
CITY OF LUBBOCK:
A Municipal_Cgrporati
MAYOR PRO TEMPORE
ATTEST:
Kat Darnell, City Secretary
APPROVED AS TO CONTENT:
66 106ti
l
Debra B. Forte', Assistant City Manager
APPROVED AS TO FORM:
d G. Vandiver, First lstant
City Attorney
DGV:da/96C&A/ML1.doc
Rev. January 2, 1997
MARKET LUBBOCK, INC.:
A Non-P fit Corporation
Y LAWRENCE, PRESIDENT
ATTEST:
ck Alderson, Vice President
3