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8. Regular Meeting June 7, 2005 Page 8 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING AN ECONOMIC DEVELOPMENT AGREEMENT BETWEEN THE CITY AND GLOBAL ROCK INVESTMENTS, LTD. FOR RENOVATION OF AN HISTORIC BUILDING IN THE DOWNTOWN AREAi AUTHORIZING THE CITY MANAGER TO SIGN THE AGREEMENTi AND DECLARING AN EFFECTIVE DATE. Mr. Diaz moved for adoption of the Resolution with amendments, and Mr. Mihalkanin seconded the motion. Mr. Mihalkanin inquired whether the $175,000.00 grant paYment from the City is coming from the General Fund. Mr. O'Leary stated yes, the $175,000.00 is coming from General Fund. Mr. Thomaides stated he supports this project. He stated this project is not tied to affordable housing. He inquired in Part 4, Default if the City would get its money back if the project is not completed by December 31, 2006. Mr. Mark Taylor stated the Agreement will be terminated if Global Rock is unable for any reason to close the purchase of the property by December 31, 2005, and the Grant amount is reduced by 20% for each one-year period after the effective date that Global Rock has not been in default under this Agreement. The Council then voted unanimously for adoption of the Resolution. Mayor Narvaiz introduced for consideration Item 24, adoption of an Ordinance on emergency, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS AMENDING THE 2004-2005 CITY BUDGET TO PROVIDE FUNDING TO ESTABLISH NEW CODE ENFORCEMENT DEPARTMENTi AND DECLARING AN EMERGENCY. Mr. Mihalkanin moved for adoption of the Ordinance on emergency, and Mr. Guerrero seconded the motion. Mr. O'Leary stated with the approval of this budget amendment, the Code Enforcement Department will be created. He stated this department will be enforcing compliance of City Codes and Ordinances. He stated the Fire Marshall and Assistant Fire Marshall will be transferred into this Department, with the Fire Marshall as the Supervisor. He stated the proposed budget amendment reduces the current year personnel budget expenses within the Fire Department to reflect the Fire Marshall and the Assistant Fire Marshall transfers. The Council then voted unanimously for the adoption of the Ordinance on emergency. Mayor Narvaiz introduced for consideration adoption of an Ordinance on emergency, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, INCREASING THE RATE FOR COLLECTION AND DISPOSAL OF RESIDENTIAL SOLID WASTE AND RECYCLABLE MATERIALS i INCLUDING PROCEDURAL PROVISIONS i AND DECLARING AN EMERGENCY.