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RESOLUTION 2008 -115R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, APPROVING A CHAPTER 380 ECONOMIC <br />DEVELOPMENT AGREEMENT WITH ADVENTIST HEALTH <br />SYSTEM/SUNBELT, INC., DOING BUSINESS AS CENTRAL TEXAS <br />MEDICAL CENTER ( "CTMC "), PROVIDING FOR INCENTIVES TO <br />PROMOTE LOCAL ECONOMIC DEVELOPMENT AND TO <br />STIMULATE BUSINESS AND COMMERCIAL ACTIVITY IN THE <br />CITY; AUTHORIZING THE CITY MANAGER TO EXECUTE THIS <br />AGREEMENT ON BEHALF OF THE CITY AND DECLARING AN <br />EFFECTIVE DATE. <br />RECITALS: <br />1. The City is authorized under Chapter 380 of the Texas Local Government Code to <br />establish programs to provide loans or grants for the purposes of promoting local economic <br />development and stimulating business and commercial activity in the City. <br />2. CTMC is proposing to expand its hospital and related health care operations at <br />1301 Wonder World Drive and to add 50 to 70 new full -time employees in well - paying <br />positions. CTMC has asked the City to consider granting economic development incentives <br />• related to such project. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The attached Chapter 380 Economic Development Agreement between the <br />City and CTMC will advance the City's objectives of promoting local economic development <br />and stimulating business and commercial activity in the City. <br />PART 2. The terms and conditions of the Agreement are approved and adopted. <br />PART 3. The City Manager, Rick Menchaca, is authorized to execute the <br />Agreement on behalf of the City. <br />PART 4. This Resolution shall be in full force and effect immediately from and <br />after its passage. <br />• <br />