Res 1987-012 - Laserfiche WebLink

Home Browse Search

EXHIBIT A PERFORMANCE STATEMENT CITY OF SAN MARCOS 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 ($8o,oeo.OO) for machinery and equipment and Forty-Seven Thousand and no/10O 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/10O Dollars ($200,000.00) to be utilized for equipment purchases. Loan Terms Five percent (5%) a.p.r. for five (5) years with a deferral on principal and interest for the first twelve (12) months after the effective date of Contractor's loan agreement with Ember Industries, Inc. Administration Contractor shall utilize Twenty Thousand and no/10O Dollars ($20,000.00) of contract funds to carry out all project administration activities, including the cost associated with the required program fiscal and compliance audit. Project Outcomes Contractor shall utilize recaptured funds exclusively in the City of San Marcos for eligible economic development activities in accordance with the provisions of Title I of the Housing and Community Development Act of 1974, as amended. Contractor shall ensure that Ember Industries, Inc. will create 40 permanent jobs, all of which shall benefit low to moderate income persons. Page 1 of 1