Res 2009-151 - Laserfiche WebLink

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d) enabling the City to retain and attract healthcare related businesses in need of specially trained employees and personnel. • 5. The City is authorized under Chapter 380 of the Texas Local Government Code to establish a program to offer certain economic development incentives for public purposes, including the promotion of local economic development and the stimulation of business and commercial activity in the City. 6. In furtherance of the economic development interests of the City, the City wants to establish a program under Chapter 380 of the Texas Local Government Code providing incentives to reside in the City in the form of no interest down payment assistance loans each in the amount of $5,000.00 to qualified employees and contracted personnel of Seton. 7. Agreement with Seton is necessary to establish the eligibility requirements of loan recipients under said program and to establish reciprocal obligations of Seton to promote the program and the positive aspects of living in the City of San Marcos. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. A program is hereby established under Chapter 380 of the Texas Local Government Code for the purpose of funding and providing incentives to certain qualified employees and contracted personnel of Seton to reside in the City. Qualifications or eligibility of such employees and contracted personnel to receive an incentive hereunder shall be established • by separate agreement between the City and Seton. PART 2. The incentive provided shall be in the form of a no interest down payment assistance loan in a principal amount not to exceed $5,000.00, due and payable at the end of five years from the date of funding the loan. Twenty percent of such principal amount, however, shall be forgiven at the end of each full year during which the recipient maintains his or her primary residence in the City. PART 3. The City Manager is hereby authorized to implement and administer the program established hereunder and to approve the terms of the loan documents to be binding upon the recipient of loan funds not inconsistent with this Resolution, including terms setting any commercially reasonable interest rates that may apply in the event of any default by a loan recipient. PART 4. Funding for the provision of loans under the program established by this Resolution is hereby authorized and approved in an amount not to exceed $50,000.00. PART 5. The terms and conditions of the Agreement (the "Agreement") between the City of San Marcos, Texas and Seton, attached hereto, are hereby approved. PART 6. The City Manager, Rick Menchaca, is authorized to execute the Agreement on behalf of the City. 0