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31 . RESOLUTION NO. 2005- 76 R 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 AREA; AUTHORIZING THE CITY MANAGER TO SIGN THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City and Global Rock Investments, Ltd. ("Global Rock"), a Texas limited partnership, wish to enter into a Economic Development Agreement pursuant to a program of the City under Chapter 380 of the Texas Local Government Code, for the purpose of facilitating the renovation of the historic building located at 100 South LBJ Drive in San Marcos, Hays County, Texas, known commonly as the "Too Bitter" building (the "Building"). 2. The City has invested substantial funds in the downtown area of the City, including funds for sidewalk, street, parking, lighting and landscaping improvements, and funds for the San Marcos Main Street Program. 3. The City has provided development incentives for several projects involving renovation of privately owned historic buildings in the downtown area. 4. The City is authorized by Chapter 380 of the Texas Local Government Code to make loans or grants of public funds for the purpose of promoting local economic development and stimulating business and commercial activity within the City. 5. The Building, which is near the downtown Courthouse Square, has been vacant, unused and deteriorating for a period of over 15 years, and the renovation of the Building will foster a healthier economic climate for all businesses and property owners in the downtown area. 6. Global Rock has proposed to purchase the property on which the Building is situated and renovate the Building for commercial and residential uses, with assistance from the City as described in this Agreement. 7. The City Council finds and determines that a grant to Global Rock in connection with the performance by Global Rock of its obligations under this Agreement will serve the public purpose of promoting local economic development and enhancing business and commercial activity in the City. 8. The City Council fmds and determines that this Agreement clearly promotes economic development in the City, meets the requirements of Chapter 380 of the Texas Local Government Code, and is in the best interests of the City.