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<br />67. <br /> <br />RESOLUTION NO. 2003--RR <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, APPROVING THE TERMS AND <br />CONDITIONS OF A REVOLVING LOAN FUND CONTRACT <br />BETWEEN THE CITY AND CAL TEX PARTNERS, LTD. FOR <br />AN ECONOMIC DEVELOPMENT PROJECT; AUTHORIZING <br />THE CITY MANAGER TO EXECUTE THE CONTRACT; AND <br />DECLARING AN EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. Cal Tex Partners, Ltd. has submitted an application to the City for an economic <br />development project at the property owned by Cal Tex Partners, Ltd. at 4600 Highway 123 South, <br />which is located in the City's extraterritorial jmisdiction. <br /> <br />2. This project involves a no-interest loan by the City to Cal Tex Partners, Ltd. of $250,000 <br />in City revolving loan funds, to be used for site work and related improvements for a building <br />expansion project involving an investment of approximately $2,000,000 and the creation of 12 jobs <br />by Cal Tex Partners, Ltd. <br /> <br />3. This project requires that Cal Tex Partners, Ltd. convey title to the project site to the City, <br />with the City leasing the project site back to Cal Tex Partners, Ltd. for a period of ten years. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />P ART 1. The attached Revolving Loan Fund Contract between the City of San Marcos and <br />Cal Tex Partners, Ltd. for an economic development project is approved. <br /> <br />PART 2. The City Manager, Dan O'Leary, is authorized to execute the contract and all <br />related documents incident to this project on behalf of the City. <br /> <br />PART 3. This Resolution is in full force and effect immediately from and after its adoption. <br /> <br />ADOPTED on February 10th, 2003. <br /> <br />\U.i ß. ~ <br /> <br />Robert B. Habingreither <br />Mayor <br /> <br />Attest: . <br /> <br />~/2'ÝI-i/ ()~/IUMi~ <br /> <br />Jàhis K. Womack <br />City Clerk <br />