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RESOLUTION NO. 2010 -70R <br />• <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, APPROVING A CHAPTER 380 ECONOMIC <br />DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SAN <br />MARCOS, TEXAS AND EL MILAGRO OF TEXAS, INC., PROVIDING <br />FOR ECONOMIC DEVELOPMENT INCENTIVES IN THE FORM OF A <br />NO INTEREST LOAN IN THE AMOUNT OF $31,450.00 FOR AN <br />ELECTRICAL TRANSFORMER AT EL MILAGRO'S FACILITY AT 400 <br />BARNES DRIVE; AUTHORIZING THE CITY MANAGER TO EXECUTE <br />SAID AGREEMENT; AND DECLARING AN EFFECTIVE DATE. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The terms and conditions of the attached Chapter 380 Agreement between <br />the City of San Marcos, Texas and El Milagro of Texas, Inc. (the "Agreement ") are hereby <br />approved. <br />PART 2. The Citv Manager, Rick Menchaca, is authorized to execute the <br />Agreement on behalf of the City. <br />• PART 3. This Resolution shall be in full force and effect immediately from and <br />after its passage. <br />ADOPTED this the 18th day of May, 2010. <br />6 Susa vaiz <br />Mayor <br />Attest: <br />/ V` <br />Sherry Mashburn <br />City Clerk <br />• <br />