Res 2016-166/approving an agreement with the Greater San Marcos Economic Development Corporation (GSMP) for Economic Development Services

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benchmark measurements in the Economic Development Strategy and Implementation Plan. Any proposed changes to the approved GSMP budget must be submitted to the City Clerk on the same day they are submitted to the GSMP Board. L. Financial Report; Audit. The Corporation agrees to submit to the City an annual financial report and an audit prepared by a certified public accountant. M. Records. The Corporation shall maintain complete and accurate financial records of each expenditure of funds in accordance with generally accepted accounting principles prescribed for the Corporation and, at the request of the City Manager or his designee, or of any other person, shall make the records available for inspection and review during normal business hours. The Corporation, as a recipient of public funds under this Agreement, hereby acknowledges that all of its records both in the future and in the past are subject to the disclosure requirements and exceptions provided in the Texas Public Information Act, Chapter 552, Texas Government Code. The Corporation shall promptly respond to public information requests received by the City and shall immediately notify the City Clerk of any public information request the Corporation receives from any third party. Corporation shall provide monthly detailed expense reports to the City Clerk for distribution to Council. N. Financial Disclosure. Members of the Board of Directors will be subject to the provisions of Section 2.462 (d) of the San Marcos City Code, requiring annual financial disclosures by all city board members. O. Conflicts of Interest. Whenever the City's approval of an incentive request would confer a benefit upon or has an economic interest (as those terms are defined in Section 2.422 of the San Marcos City Code) on a member of the Corporation's Board of Directors, that member must recuse themselves from any Board action that would confer a benefit upon or have an economic effect on themselves. P. City Branding. Upon the City's submission of any official City brand, slogan or logo to the Corporation, the Corporation will include the brand, slogan or logo into advertising programs initiated after the receipt of the brand, slogan or logo. Q. Open Meetings. The Corporation hereby agrees to post notice of meetings of its Board of Directors and conduct such meetings in the spirit of openness and transparency. Notices and agendas for all meetings of the Board of the GSMP shall be posted on the website of the GSMP and provided to the City Clerk's Office at least 48 hours in advance of the meeting. Members of the public are invited to attend and listen to all non-executive portions of such meetings. The GSMP will post the minutes and agendas of the meeting within a reasonable time after the minutes are approved. R. Board Responsibilities. The Partnership Board of Directors, acting as a body, by virtue of their leadership position, shall maintain a neutral posture with regard to any political activity involving elected officials, current and future, representing the Partnership's public sector investors. A standard of respect and mutual support shall be upheld by all Partnership Board members, as well. Public sector investors and their elected officials shall be treated as 4