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Res 2020-230/approving a Chapter 380 Economic Development Incentive Agreement with DBI San Marcos Property, L.P., providing incentives in the form of refunds of a percentage of real property taxes over three years for the development of approximately 174,
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Res 2020-230/approving a Chapter 380 Economic Development Incentive Agreement with DBI San Marcos Property, L.P., providing incentives in the form of refunds of a percentage of real property taxes over three years for the development of approximately 174,
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5/26/2021 10:16:57 AM
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11/24/2020 1:44:52 PM
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Resolutions
City Clerk - Type
Agreement
Number
2020-230
Date
10/20/2020
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financial obligation of the City hereunder shall be paid solely from lawfully available funds that <br />have been budgeted and appropriated each year during the Term by the City as provided in this <br />Agreement. Under no circumstances shall the City's obligations hereunder be deemed to create <br />any debt within the meaning of any constitutional or statutory provision. Consequently, <br />notwithstanding any other provision of this Agreement, the City shall have no obligation or <br />liability to pay any Grant Payments or other payments unless the City budgets and appropriates <br />funds to make such payments during the City's fiscal year in which such Grant Payment(s) or other <br />payments are payable under this Agreement. <br />Section 6.03. No Recourse. Developer shall have no recourse against the City for failing <br />to budget and appropriate funds during any fiscal year to meet the purposes and obligations under <br />this Agreement. <br />ARTICLE VII <br />INFORMATION <br />Section 7.01 . Information. The Developer shall, at such times and in such form as City <br />may reasonably request from the Developer, provide information concerning the performance of <br />the Developer's obligations under this Agreement. <br />Section 7.02. Certification. Upon completion of the Building Improvements and before <br />the City shall make the first Grant Payment due under this Agreement, Developer shall submit to <br />the City a certified statement in a form acceptable to the City, signed by an authorized officer or <br />employee of the Developer, providing the following information: <br />a. a description of the completed Building Improvements, together with a copy <br />of the final certificate of occupancy issued for the Building Improvements; <br />b. invoices and related documentation verifying the capital investment <br />incurred by Developer to construct the Building Improvements; <br />
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