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HomeMy WebLinkAboutResolution - 5725 - Supplemental Grant Agreement - MLEDC - Economic Development - 12_11_1997RESOLUTION NO.5725 Item #46 December 11, 1997 RESOLUTION 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, by and between the City of Lubbock and Market Lubbock Economic Development Corporation, attached herewith, 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 11th day of December , 1997. ATTEST: , City Secretary CONTENT: vu-Xit Kevin G. alker, Business Liaison Officer APPROVED AS TO FORM: a Don-d1d G. Vandiver, First Assistant City Attorney da/ccdocs/mli.res October 28, 1997 • 1,*N, MAYOR RESOLUTION NO. 5725 Item #46 December 11, 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 $800,000.00 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 is 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 $800,000.00 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 $800,000. TERM The term of this Agreement shall be for one (1) year from an effective date of October 1, 1997. Payments are to be disbursed to MLI by the City on October 1 or as soon as possible after October 1, 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. 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 parry'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. 2 G:IKEVIN"LI.DOC 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. MULTIPLE COUNTERPARTS 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 11 th day of December ,1997. CITY OF LUBBOCK: MARKET LUBBOCK, INC.: A Municipal Corporation A Non-P fit Corporation WINDY SITT Gary Lawrence, Chairman' MAYOR ATTEST: ATTEST: ZayqejDarnell, City Secretary c Alderson, Mice Chairman Presidefit TO CONTENT: Kevin G. Welker, Business Liaison Officer APPROVED AS TO FORM: Z2 aid G. Vandiver, First Assistant City Attorney Rev October 14, 1997 3 G:\KEVINVAMLI.DGC