Res 2008-128 - Laserfiche WebLink

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1 AMENDMENT TO AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND THE SAN MARCOS AREA CHAMBER OF COMMERCE, INC. FOR ECONOMIC DEVELOPMENT AND SMALL BUSINESS ECONOMIC DEVELOPMENT SERVICES This Amendment amends, modifies and supplements that certain Agreement Between the City of San Marcos and the San Marcos Area Chamber of Commerce, Inc. for Economic Development and Small Business Services effective October 1, 2007 (the "Agreement") and is entered into by and between the City of San Marcos, Texas, a Texas municipal corporation (the "City") and the San Marcos Area Chamber of Commerce, Inc. (the "Chamber"). SECTION 1. RECITALS 1.1 In 2007 the City and the Chamber entered into the Agreement for general economic development services and economic development services targeted to small businesses. 1.2 The Agreement provided for a two year term subject to the right of the City to terminate the Agreement sooner for reasons stated in the Agreement. 1.3 The City seeks to continue the Agreement provided certain terns are amended. 1.4 In consideration of the continuation of the Agreement for the remainder of the original term and other good and valuable consideration, the parties hereby agree to amend the Agreement as set forth below. SECTION 2. AMENDMENTS TO AGREEMENT 2.1 The first sentence of Section 3.A. of the Agreement is hereby amended to read as follows: "The City will pay to the Chamber an amount not to exceed $307,000.00 in P e'. of...- - the first year of this Agreement and $320,159.00 in the second year of this Agreement for the Chamber's services provided under this Agreement." 2.2 The second sentence of Section 4 of the Agreement is amended to read as follows: This Agreement may be extended for up to three one-year periods after the initial term with the mutual agreement of both parties, executed in the form of a letter agreement setting forth any changes in the terms of this Agreement, including any changes in the amounts of money to be paid by the City. 2.3 The following Subsection "G" is hereby added to Section 5 of the Agreement: G Separate Account. The Chamber shall maintain the funds provided by the City under this Agreement in a separate account and the Chamber shall not commingle the funds in that account with any other money, or maintain them in any other account The Chamber shall maintain complete and accurate financial records of each expenditure of the funds and at the request of the City Manager or his