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

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San Marcos, TX 78666 Fax: 512/396-4656 Email:jmiller@sanmarcostx.gov To the Corporation: President& CEO Greater San Marcos Economic Development Corporation 1340 Wonder World Drive, Suite 108 San Marcos, TX 78666 Fax: 512/393-3400 Email: adrianac@greatersanmarcostx.com If a party changes its address, facsimile number or email address for notice purposes, it will provide written notice of the new information to the other party within 10 days of the change. B. Non-Appropriation of Funds. Funds for payments under this Agreement have been provided through the City budget approved by the City Council for the current fiscal year only. State laws prohibit the obligation and expenditure of public funds beyond the fiscal year for which a budget has been approved. However, the cost of services covered by this Agreement is likely to be a recurring requirement, and the City anticipates including this cost as a standard and routine expense of the City to be included in each proposed budget within the foreseeable future. However, the City does not guarantee the availability of funds in future fiscal years of the City, and the City enters into this Agreement only to the extent such funds are made available in the City's adopted budgets for future fiscal years. The fiscal year for the City extends from October 1st of each calendar year to September 30th of the following calendar year. C. Termination. 1. Termination by City. The City reserves the right to terminate this Agreement upon 30 days' written notice for any reason deemed by the City Council to serve the public interest. In the event of such termination the City will pay the Corporation those costs directly attributable to services received by the City in compliance with the Agreement prior to termination. The City will not be liable for any damages or any loss of profits anticipated to be made by the Corporation under this Agreement in connection with any such termination. 2. Termination by Corporation. The Corporation may terminate this Agreement based on default by the City if the City fails to comply with any term or condition of this Agreement. The Corporation must notify the City in writing of any default. The City will take action so that the default is corrected within 30 days of receipt of the notice. If the City fails to timely correct the default, the Corporation may immediately terminate this Agreement in its entirety. D. Dissolution of Corporation. Upon dissolution of the Corporation, after the payment of all debts and obligations of the Corporation, the assets of the Corporation shall be distributed to one or more exempt organizations under Sections 510 (c) (6) and 170 (c) (2) of the Internal Revenue Code as amended, or any successor provisions, or to the federal, state or local 6