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<br />93. <br /> <br />Special Meeting <br /> <br />July 14, 2005 <br /> <br />Page 2 <br /> <br />Mayor Narvaiz introduced for consideration adoption of an Ordinance on <br />emergency, the caption which was read as follows: <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, <br />AMENDING THE 2004-2005 CITY BUDGET TO PROVIDE FUNDING FOR A CHAPTER <br />380 ECONOMIC DEVELOPMENT GRANT AND LOAN AGREEMENT WITH JOHN Q. <br />HAMMONS, TRUSTEE, RELATED TO THE HOTEL AND CONFERENCE CENTER PROJECT; <br />AND DECLARING AN EMERGENCY. <br /> <br />Mr. Thomaides moved for adoption of the Ordinance on emergency, and Mr. <br />Guerrero seconded the motion. Mr. O'Leary stated the Council's first action <br />is to put into place the funding for the 380 Economic Development Grant and <br />Loan Agreement. Mr. Mark Taylor stated this Ordinance will amend the Budget <br />to provide funding for a Chapter 380 Economic Development Grant and Loan <br />Agreement with John Q. Hammons. Mr. O'Leary stated that after the funding <br />is in place the Council will then need to adopt a Resolution approving an <br />Economic Development Agreement with John Q. Hammons. He stated this <br />document will also give the City Manager and City Attorney the authority to <br />undergo negotiations with Mr. Gilmore and Mr. Hammons. He also stated the <br />Council's third action is to adopt a Resolution accepting a donation of a <br />tract of property by Gilmore-Austex Properties, Ltd. He stated the <br />Agreements in the Agenda packets are dated because of the negotiations <br />which are still taking place. The Council then voted unanimously for <br />adoption of the Ordinance on emergency. <br /> <br />Mayor Narvaiz introduced for consideration adoption of a Resolution, the <br />caption which was read as follows: <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS <br />APPROVING AN ECONOMIC DEVELOPMENT AGREEMENT WITH JOHN Q. HAMMONS, <br />TRUSTEE REGARDING THE HOTEL AND CONFERENCE CENTER PROJECT; AND <br />DECLARING AN EFFECTIVE DATE. <br /> <br />Mr. Guerrero moved for adoption of the Resolution, and Mr. Thomaides <br />seconded the motion. Mr. O'Leary stated this is a standard agreement <br />which is still in the process of being negotiated. He stated the agreement <br />authorizes the City Council to loan $1,500,000.00 and grant $500rOOO.00 to <br />John Q. Hammons, Trustee for the purpose of promoting local economic <br />development. Mr. Thomaides stated originally he voted against the project <br />due to the proposed location. He stated he now supports the project <br />because of the new location. He also stated he visited the Hotel and <br />Conference Center built by John Q. Hammons in Friscor Texas. He stated <br />there was a large conference taking place and the hotels in the vicinity <br />were also booked with conference guests. He stated he feels this project <br />will be an asset to San Marcos. Mr. Taylor stated he feels the Council and <br />citizen are now happier with the new location. He inquired as to when the <br />$1,500,000.00 loan paYments will begin. Mr. O'Leary stated this loan is a <br />