Res 2009-024 - Laserfiche WebLink

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d) enabling the City to attract research and development opportunities associated with the various academic disciplines of such professors. • 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 qualified Texas State University-San Marcos professors to reside in the City. 7. Agreement with Texas State University-San Marcos is necessary to determine the eligibility requirements of loan recipients under said program and to coordinate the referral of such potential eligible recipients to the program. 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 Texas State University-San Marcos professors who work in the City to also reside in the City. Qualifications or eligibility of professors to receive an incentive hereunder shall be established by • separate agreement between the City and Texas State University-San Marcos. 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. Such principal amount, however, shall be prorated over the term and the applicable pro rata amount forgiven each year or portion thereof 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 attached Agreement (the "Agreement") between the City of San Marcos, Texas and Texas State University-San Marcos are hereby approved. PART 6. The City Manager, Rick Menchaca, is authorized to execute the 0