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HomeMy WebLinkAboutResolution - 2001-R0502 - Supplemental Grant Agreement - Market Lubbock Economic Development Corp. - 12/03/2001Resolution No. 2001-RO502 December 3, 2001 Item No. 27 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 for economic development services, and all related documents. Said Agreement is attached hereto and incorporated in this Resolution as if fully set forth herein and shall be included in the minutes of the Council. Passed by the City Council this 3rd day of December , 2001. I DY SITT N, MAYOR ATTEST: Rebecca Garza,ity Secretary ALPVED AS TO CONTENT: Debra Forte' Deputy City Manager APPROVED AS TO FORM: Amy L.�S-im Assist a't� Attorney ALS:/cp L:1Cityatt\Amy\MarketLubbock-SuppGrantAgr-3.res ecdocs/November 27, 2001 Resolution No. 2001-RO502 THE STATE OF TEXAS COUNTY OF LUBBOCK § SUPPLEMENTAL GRANT AGREEMENT WHEREAS, the City of Lubbock, Texas, a Texas home rule municipal corporation (the "City"), and Market Lubbock Economic Development Corporation, a Texas non-profit corporation ("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 TO RECIPIENT MLI agrees to accept $3,000,000.00 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 $3,000,000.00 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 this Agreement. Notwithstanding any other provision of this agreement, the total incentives to be paid to MLI by City under this agreement is limited to an aggregate of $3,000,000.00. TERM The term of this Agreement shall be for one (1) year from an effective date of December 3, 2001- Payments are to be disbursed to MLI by the City as soon as possible after December 3, 2001. 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. 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 the parties. SIGNED AND EXECUTED on this the CITY OF LUBBOCK: 4L"4�t 14Z�49W WINDY SIT -&N Mayor ATTEST: Re ecca Garza, City Secretary APPROVED AS TO CONTENT: Ion =11TV, " t , - M—,!' 1. rbra Forte Deputy City Manager APPROVED AS TO FORM: L. ims st t ;City Attorney ALS:cp L:\CityattWmy\COL-MLI-SuppGrant-2.Agr November 29, 2001 3rd day of December , 2001. MARKET LUBBOCK, INC.: Chairman ATTEST: Vice icz- Resolution No. 2001—RO502 December 3, 2001 Item No. 27 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 for economic development services, and all related documents. Said Agreement is attached hereto and incorporated in this Resolution as if fully set forth herein and shall be included in the minutes of the Council. Passed by the City Council this 3rd day of December , 2001. WINDY SITT .N, MAYOR ATTEST: Rebecca Garza, City Secretary AZPVED AS TO -CONTENT: ��� �� J16F6FJII��Y�yy�fJJ1 � D' ra Forte' Deputy City Manager APPROVED AS TO FORM: Assist a. Cit Attorney ALS:/cp L:\Cityatt\Amy\MarketLubbock-SuppGrantAgr-3.res ccdocs/November 27, 2001 Resolution No. 2001-RO502 THE STATE OF TEXAS COUNTY OF LUBBOCK § SUPPLEMENTAL GRANT AGREEMENT WHEREAS, the City of Lubbock, Texas, a Texas home rule municipal corporation (the "City"), and Market Lubbock Economic Development Corporation, a Texas non-profit corporation ("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 TO RECIPIENT MLI agrees to accept $3,000,000.00 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 $3,000,000.00 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 this Agreement. Notwithstanding any other provision of this agreement, the total incentives to be paid to MLI by City under this agreement is limited to an aggregate of $3,000,000.00. TERM The term of this Agreement shall be for one (1) year from an effective date of December 3, 2001. Payments are to be disbursed to MLI by the City as soon as possible after December 3, 2001. 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. 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 the parties. SIGNED AND EXECUTED on this the 3rd day of December 2001. CITY OF LUBBOCK: t'' WINDY SIT N Mayor ATTEST: Re ecca Garza, City Secretary APPROVED AS TO CONTENT: &(wi�6d6w, Debra Forte Deputy City Manager APPROVED AS TO FORM: 4L.City Attorney ALS:cp L,:1Cityatt\Amy\COL-K4LI-SuppGrant-2.Agr November 29, 2001 MARKET LUBBOCK, INC.: Chairman ATTEST: