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B. Assets and Liabilities. As of October 1, 2010, the Corporation acknowledges that <br />the City contributed furniture, fixtures and equipment to the Corporation with a value of <br />$31,302.00. <br />C. Board Appointments. The City shall appoint six (6) members to the Corporation's <br />Board of Directors. These appointees shall include the City Manager, the Mayor, the Economic <br />Development San Marcos Chair, San Marcos Regional Airport representative and at least two <br />elected officials. At least one elected city representative shall serve on the Nominating <br />Committee. Per the Corporation bylaws, the Nominating Committee meets annually and <br />includes the Chair, Vice Chair, one Board member, two Lead members not on the Board and <br />one General member not on the Board. <br />SECTION 3. TERM <br />A. The tern of this Agreement shall be from June 1, 2015 through September 30, 2016. <br />This Agreement serves as t h e f o u r t h renewal of the initial Agreement between the <br />parties, the term of which was from October 1, 2010 through September 30, 2011 with the option <br />to renew for up to four one year periods upon mutual agreement of the parties. The term of this <br />fourth renewal of the Agreement shall, accordingly, be from the effective date of June I, 2015 <br />through September 30, 2016. <br />B. Pursuant to the city's rights and obligations under this contract, both parties agree and <br />acknowledge that a review of these Terns & Conditions shall be conducted annually in March, <br />in order to assure alignment with the city's visioning process. <br />SECTION 4 MISCELLANEOUS <br />A. Notices. Notices required by this Agreement will be provided by the parties to one <br />another by certified mail, return receipt requested, or by confirmed facsimile or email <br />transmission, to the following addresses: <br />To the City: <br />City Manager <br />City of San Marcos <br />630 E. Hopkins <br />San Marcos, TX 78666 <br />Fax: 512/396 -4656 <br />Email jmiller @samnarcostx.gov <br />To the Corporation: <br />President & CEO <br />Greater San Marcos Economic Development Corporation <br />1340 Wonder World Drive, Suite 108 <br />San Marcos, TX 78666 <br />Fax: 512/393 -3400 <br />Email: adrianac ',greatersanmarcostx.com <br />