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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ECTIO 3. TE A. The initial term of this Agreement shall be from October 1, 2018 through September 30, 2021with an option to renew for another 3 year term. to September 30, 2024. Such renewal option shall be evidenced by a signed, written agreement of the parties. S. Pursuant to the City's rights and obligations under this contract, both parties agree and acknowledge that a review of the terms & conditions contained in this Agreement shall be conducted annually in March, in order to assure alignment with the City's visioning process. SECTION 4. MrSCELLA_U_ 0US A. Notices. Notices required by this Agreement will be provided by the parties to one another by certified mail, return receipt requested, or by confirmed facsimile or email transmission, to the following addresses: To the City: City Manager City of San Marcos 630 E. Hopkins San Marcos, TX 78666 Fax: 512/396-4656 Email: blumbreras@sanmarcostx.gov To the Corporation: President & CEO Greater San Marcos Economic Development Corporation 113 N Guadalupe St. 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. S. Non -Appropriation of Funds. Funds for payments under this Agreement shall be subject to appropriation through the City budget approved by the City Council for the each fiscal year. 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. Notwithstanding the foregoing, 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 I st of each calendar year to September 30th of the following calendar year.