Res 2009-151 - Laserfiche WebLink

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City of San Marcos. PART 4. INCENTIVE PROVIDED BY THE CITY Section 4.01. Local Residency Incentive. The City shall provide financial assistance to Qualified Personnel as provided herein below. Subject to funding under the Program, Qualified Personnel shall be entitled to apply for financial assistance contingent upon establishing their primary residence in the City and such reasonable financial, credit and other parameters imposed under the Program. As of the Effective Date, the financial assistance the City will make available to Qualified Personnel is a forgivable down payment assistance loan or grant in an amount not to exceed $5,000.00 that is to be applied toward the purchase of a single family residence, including a condominium, in which the recipient will reside as their primary legal residence. The City may offer additional residency incentives to Qualified Personnel under other City programs as it deems appropriate without modifying the terms of this Agreement. However, if the City discontinues the down payment assistance described above, Seton may terminate this Agreement as provided in Section 5.01 below. Section 4.02. Agents of the City. The City may create or contract with one or more entities as it deems appropriate to administer the Program or any portion thereof and the incentives available to Qualified Personnel under the Program. For purposes of this Agreement, such entities shall be deemed agents of the City to the extent of the written authorization of the City. The City's assignment of any one or more obligations under this Agreement to such entities shall not be grounds for termination of this Agreement for cause under section 5.01 below. Page 5 of 8