Res 2018-185/approving an agreement with the Greater San Marcos Economic Development Corporation (GSMP) for Economic Development Services, providing for payments for such services in the amount of $375,000 per year over a term of three years, with an opt

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J. Quarterly and Annual Reports. The Corporation will prepare written quarterly reports regarding Small Business Development, Business Retention and Expansion, Business Recruitment, and Workforce Development for the City of San Marcos and the Greater San Marcos Region. The President/CEO will present the quarterly reports to the City Manager and City Council in closed meeting to the extent needed to protect the confidentiality of information from business prospects while assuring compliance with the Texas Open Meetings Act. At the end of the fiscal year an Annual Report on activities will be prepared and provided to the City Manager. K. Funding Requests. On or before rune 15t" of each year preceding the fiscal year for which City funding is requested, the Corporation will, in consultation with the President/CEO, develop and submit to the City for review and approval by the City Council, the Corporation's proposed annual budget, any changes or additions to the proposed program of work, and benchmark measurements in the Corporation's Economic Development Strategy and Implementation Plan. Any proposed changes to the approved Corporation's annual budget must be submitted to the City Clerk on or before the same day they are submitted to the Corporation Board, The City and Corporation acknowledge that the Corporation's Vision 2020 Strategy, on which the fiscal year 2019 Budget and respective Investor participation funds are based, will be succeeded by a new five-year Program of Work, beginning in the 2021 Fiscal Year. The Corporation's financial needs in this regard will be proactively discussed with the City prior to June 15, 2020. 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 or her 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. The Corporation shall provide monthly detailed expense reports to the City Clerk for distribution to Council. N. Financial Disclosures. Members of the Corporation Board 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 Board, such board member 4