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Res 2019-022/approving a contribution in aid of construction agreement with Urban Mining Company and Urban Mining Development, LLC to provide for the City’s financial participation in the cost of extending electric service to Urban Mining Company’s opera
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Res 2019-022/approving a contribution in aid of construction agreement with Urban Mining Company and Urban Mining Development, LLC to provide for the City’s financial participation in the cost of extending electric service to Urban Mining Company’s opera
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3/26/2019 10:54:47 AM
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2/5/2019 10:53:46 AM
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Resolutions
City Clerk - Type
Agreement
Number
2019-22
Date
1/29/2019
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AGREEMENT FOR CONTRIBUTION IN AID OF <br />CONSTRUCTION OF ELECTRIC UTILITY FACILITIES <br />This Agreement for Contribution In Aid of Construction of Electric Utility Facilities (the <br />"Agreement") is entered into between the City of San Marcos, Texas (the "City"), a Texas <br />municipal corporation, Urban Mining Company, a Delaware corporation ("UMC") and Urban <br />Mining Development, LLC, a Delaware limited liability company ("UMC Development"). UMC <br />and UMC Development may also be collectively referred to as the "Developers." The City and the <br />Developers may also be referred to collectively as the "Parties" or individually as a "Party." <br />ARTICLE I <br />RECITALS <br />Section 1.01. The City and Developers previously entered into a Chapter 380 Economic <br />Development Incentive Agreement under which UMC agreed to build certain high technology <br />manufacturing facilities and to create jobs and UMC Development agreed to develop land adjacent <br />to UMC's facilities in accordance with certain conditions, all as set forth in said agreement. <br />Section 1.02. UMC's facilities are currently under construction and will require, before <br />completion, the extension of electric service by the City. Future development of UMC <br />Development's adjacent land is also dependent upon the extension of electric service to such land. <br />Section 1.03. The San Marcos Electric Utility Rules and Regulations allow the City to <br />participate in the cost of electric service extensions when it can be determined that annual revenues <br />to be paid by a large commercial or industrial electric customer (excluding pass through Fuel and <br />Power Cost Recovery) will generate margins above the cost of constructing the extensions. <br />Section 1.04. Based on projections for future electric consumption by UMC the City has <br />determined that UMC's electric consumption would generate annual revenues exceeding the cost <br />of constructing the extensions. <br />
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