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<br />STATE OF TEXAS <br /> <br />COUNTY OF HAYS <br /> <br />18 <br /> <br />TEXAS COMMUNITY DEVELOPMENT PROGRAM <br />LOAN CONTRACT FOR AN ECONOMIC <br />DEVELOPMENT PROJECT <br /> <br />KNOW ALL PERSONS BY THESE PRESENTS: <br /> <br />THIS <br /> <br />h)~~ <br /> <br />(City), <br /> <br />and <br /> <br />A. <br /> <br />B. <br /> <br />C. <br /> <br />CONTRACT <br /> <br />is entered into as of the -«)~ day of <br />by and between the City of San Marcos <br />Ember Industries, Inc. ( Ember) WITNESSETH: <br /> <br />1986, <br /> <br />the <br /> <br />Whereas the City is interested in expanding its economic <br />base with the primary emphasis on creating and retaining <br />permanent jobs; <br /> <br />Whereas the City is under a contractual agreement with the <br />Texas Department of Community Affairs, an agency of the <br />State of Texas, to implement an economic development program <br />that will primarily benefit low and moderate income persons <br />and positively impact its economic base; and, <br /> <br />Whereas Ember is interested in maintaining and expanding its <br />economic base in the city; <br /> <br />NOW THEREFORE, the parties do mutually agree as follows: <br /> <br />1. <br /> <br />PART I - Covenants <br /> <br />City agrees to: <br /> <br />A. <br /> <br />Provide a loan to Ember in the amount of <br />$127,000 at an interest rate of five perc~nt (5%) a.p.r. <br />for five (5) years with a deferral on principal and <br />interest for the first twelve (12) months after the <br />effective date of this contract. The funds for this <br />purpose are being provided to the City through a <br />Texas Community Development Program contract award <br />from the Texas Department of Community Affairs. <br /> <br />B. <br /> <br />Provide payments/reimbursements to Ember on an as-needed <br />basis, identified by project construction milestones. <br /> <br />C. <br /> <br />Provide information and guidance to Ember concerning <br />Texas Community Development Program related compliance, <br />recordkeeping, and reporting requirements. <br /> <br />D. <br /> <br />Hold first liens on <br />related to this <br />$127,000. <br /> <br />assets <br />the <br /> <br />all property and <br />project purchased <br /> <br />fixed <br />with <br />