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Chamber's performance of services under this Agreement. <br />B. Oversight of Program of Services; Performance Measures; Performance Review <br />Plans; Budget. The ED Board will be responsible for oversight of the Chamber's development <br />of programs, performance measures, performance review plans, and budgets under this <br />Agreement. The ED Board will review the Chamber's proposed programs, performance <br />measures, performance review plans, and budgets, and will make a recommendation to the City <br />Council on approval of the programs, performance measures, performance review plans, and <br />budgets for the initial two-year term of this Agreement and any one-year extension of this <br />Agreement. <br />C. Review of Monthly Reports. The ED Board will review the Chamber's monthly <br />activity reports, and may provide comments on these reports to the Chamber and to the City <br />Council. <br />D. Review of Invoices. The ED Board will review monthly invoices submitted to the <br />City by the Chamber under this Agreement for conformity with the budget approved by the City <br />Council. Each invoice submitted by the Chamber will be subject to approval by the ED Board. <br />SECTION 3. OBLIGATIONS OF THE CITY <br />A. Payments. The City will pay to the Chamber an amount not to exceed $354,635.00 <br />for the Chamber's services provided under the Agreement of which $301,513.00 shall be <br />allocated to the Economic Development San Marcos Program and $53,122.00 shall be allocated <br />to the Small Business Services ("Grow One") program. As of the writing of this Agreement, the <br />parties are negotiating the terms and conditions of an agreement under Chapter 172 of the Texas <br />Local Government Code pursuant to which the City, through its risk pool, may provide health <br />insurance to certain authorized individuals employed by the Chamber. Such an agreement will <br />reduce the Chamber's expenses for employee health insurance coverage currently incorporated <br />in its budget. If the parties execute an agreement under Chapter 172 of the Texas Local <br />Government Code during the term of this Agreement, the Chamber agrees that the amount of the <br />funds paid by the City under this paragraph shall be reduced by the amount of the savings <br />realized as a result of such agreement. <br />City will make payments to the Chamber as follows: <br />1. On the first Friday of each month, the City will pay to the Chamber, monthly, <br />1/12 of the annual allocation of funds. <br />Page 6 of 8