Res 1988-037 - Laserfiche WebLink

Home Browse Search

EXHIBIT A PERFORMANCE STATEMENT CITY OF SAN MARCOS (Amendment #2) Contractor shall carry out the following activities in the target area{s) identified on the map in its 1986 Economic Development application: Commercial/Industrial Contractor shall utilize One Hundred Twenty-Seven Thousand and no/100 Dollars ($127,000.00) of contract funds to provide a loan to Ember Industries, Inc. at the terms listed below for start-up of an electronic assembly operation in San Marcos, Texas. Loan proceeds shall be used as follows: Eighty Thousand and no/100 Dollars ($80,000.00) for machinery and equipment and Forty-Seven Thousand and no/100 Dollars ($47,000.00) for working capital. Contractor shall ensure that Ember Industries, Inc. shall utilize Sixty Thousand and no/100 Dollars ($60,000.00) of corporate funds for working capital. Contractor shall ensure that Ember Industries, Inc. shall secure a loan from Hays County National Bank in San Marcos guaranteed by the U.S. Small Business Administration in the amount of Two Hundred Thousand and no/100 Dollars ($200,000.00) to be utilized for equipment purchases. Loan Terms Five percent (5%) simple interest shall accrue during year one of the loan: no payments of any kind shall be paid by Ember Industries, Inc. during 1987. Five percent annual simple interest shall be charged on the total of the original principal plus the year one accrued interest ($133,350.00 Total). During year two, monthly payments of $2,778.13 each shall be made on the 30th of each month beginning January 30, 1988" or last day of the month. During year three, quarterly payments of $8001.00 each shall be made on March 30,1989, June 30,1989, September 30,1989 and December 30,1989. During year four, semi-annual payments of $15,335.25 each shall be made on June 30,1990, and December 30,1990. Page 1 of 2