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SEMON 2. OBLIGATIONS OF ,T CIT <br />A. Payments, in exchange for the ,services provided under this Agreement, City will <br />pay to the Corporation $31,250 per month. <br />B. Assets and Liabilities. As of October 1, 2010, the Corporation acknowledges <br />that the City contributed furniture, Fixtures and equipment to the Corporation with a value of <br />$31,302.00. <br />C. Board Appointments. Tito City shall appoint six ('6) uternbers to the <br />Corporation's Board of Directors. These appointees shall include the City Manager, the Mayor, <br />the Economic Development San Marcos Chair, San Marcos Regional Airport representative and <br />at least two elected officials. At least one elected city reprtisentativc shall serve on the <br />Nominating Committee. Per the Corrugation bylaws, the Nominating Committee meets annually <br />and inclludes the Chair, Vice Chain, one Board uternber, two Lout ntembc rs not on the Boaul <br />and one. General nicniber not on the Board <br />mm <br />A. Tito lerm of this Agrecrtient shall be (ruin October I, 2016 through ,tiehtember 30, <br />2017. <br />ii. Pursuant to the city's rights stud obligations under this contract, both Inulies agree <br />and acknowledge that a review of these Terms & Conditions shall be cxmcluCted annually in <br />March, in order to asstae a]igontc nt with the city's, visioning proc:cs& <br />A. Notices. Notices nquire:d by this Agrecincut will be provided by the parties tar one <br />another by certified mail, return receipt requested, or by confirmed Facsimile or entail <br />transmission, to the following addresses: <br />To die City: <br />City Manager <br />City o(' San Marcos <br />630 E. Hopkins <br />Sats Marcos, TX 78666 <br />Fax: 512/396-4656 <br />Email: jmiller@sanmarcostx.gov <br />To the Qrporation: <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 />E <br />