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HomeMy WebLinkAboutResolution - 2001-R0266 - Supplemental Grant Agreement - Market Lubbock Economic Development Corporation - 06/26/2001Resolution No. 2001-RO266 June 26, 2001 Item No. 38 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. 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 26th day of June , 2001. ATTEST: L�.< ':� -)�� -�� --'- Rebecca Garza, City Secretary APPROVED AS TO CONTENT: e ra Forte' Deputy City Manager APPROVED AS TO FORM: L. Sim�A<sistant City Attorney ALS:/cp L:\Cityatt\Amy\MarketLubbock-SuppGrantAgr-2.res ccdocs/June 19, 2001 Resolution No. 2001-R 0266 June 26, 2001 Item No. 38 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 the funding amount as set forth below. Funding shall be allocated to MLI by the City as follows: On August 1, 2001, the City shall transfer Four fifty thousand and NO/ 100 Dollars ($450,000.00) to MLI. On August 1, 2002, the City shall transfer Five hundred fifty thousand and NO/100 Dollars ($550,000.00) to MLI. MLI shall transfer said funding amounts to the Lubbock Reese Redevelopment Authority (the "LRRA") in the manner and with the conditions set forth in this agreement. MLI shall procure a funding agreement to fulfill the terms of this Agreement with the LRRA in a form acceptable to the City. Failure to procure said agreement with the LRRA within thirty (30) days shall result in the termination of this Agreement. MLI shall require LRRA to submit to audits in the time and manner as set forth by the City. MLI shall present to the City Council on an annual basis a budget showing the allocation and use of said funds. DUTIES OF THE CITY The City shall provide funding for the amounts and purposes stated in this Supplemental Agreement. City shall provide said funding on an annual basis as funding is appropriated by City Council. The term of this Agreement shall be for one (1) year from an effective date of August 1, 2001. Payments are to be disbursed to MLI in accordance with this Supplemental Agreement. 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 26th day of June , 2000. ATTEST: Rebecca Garza, City Secretary APPROVED AS TO CONTENT: � jz�ftt/ Debra Forte Deputy City Manager APPROVED AS TO FORM: Amy L.�TsAssis orney ALS:cp CIrniscACOL-MLI-SuppGrant.Agr June 19, 2001 MARKET LUBBOCK, INC.: Chairman ATTEST: Vice Chairman