Res 2003-032 - Laserfiche WebLink

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initial payroll provided in Section K of this agreement during the contract period specified in the RLF Contract unless closure or reduction of the number of employees, in the reasonable opinion of the Company, is essential for the economic viability of the Company. H. Quarterly ReportsNisits. The City shall be required to make quarterly visits to the Company at the project site to assess/monitor the Company's progress toward job creation requirements of this agreement and requiring the Company to provide to local officials of the City at the time of on site visits information regarding job creation and any other information deemed necessary by the City to administer the agreement for a period not to exceed thirty-six (36) months, or any extension of time agreed to in writing. The Company shall also be required to submit to the City any signed reports required, but especially reports called "Private Business Employment Reports", "Employee Certification Reports" and "Employee Summary Reports", on a quarterly basis. I. Records. The Company shall be required to maintain records and provide reports regarding the documentation of low and moderate income benefit and beneficiaries by race, ethnicity, gender, and handicap status in a manner prescribed by the City. The Company shall submit to the City documentation (e.g., canceled checks, receipts and invoices) of the Company's injection of $25,600 funds for verification of the injection of funds to be utilized in conjunction with the RLF Project for a period not to exceed thirty-six (36) months. The Company shall provide to the City, upon request, evidence that project funds, both private and contract, were expended as specified in Exhibit A of this Agreement and Lease. J. Legal Description. The Company shall provide to the City a complete legal description of the property upon which the Company shall construct the improvements described in Exhibit "A" of this agreement, said property being described as follows: Ten acres, more or less, out of the Charles Henderson Survey No. 55, Abstract No. 226, Hays County, Texas, and being more particularly described by metes and bounds in Exhibit "E" attached hereto. K. Company Payrolls. The Company shall provide to the City a copy of the Company's payroll verifying the number of persons employed at the San Marcos, Texas location as of February 10, 2003 to establish an employment benchmark. The Company shall also provide to the City a copy of its payroll for the San Marcos, Texas location at the close-out of this contract. At a minimum, the payroll reports shall provide the following information for all employees: Full name of employee, Social Security Number, and full-time or part-time status as defined in the most recent version of the RLF Application Policies, Procedures and Definitions. L. Performance Statement. The Company shall be required to perform all activities outlined in Exhibit A, Performance Statement, of this contract. M. Guaranty. The Company and The Fountain People, Inc. shall execute corporate guaranties to the City to be jointly and severally liable for the amount of funds provided to construct the Company's facility under this agreement. Additionally, Gerald B. Ebei, Mark Terstreip, Stephen Case, Preston Tatum, and their spouses shall execute personal guaranties to be jointly or severally liable for the amount of funds provided to construct the Company's facility under this agreement. N. Title Insurance Policy. The Company shall provide to the City a Title Insurance Policy commitment in the amount of $250,000.00 that reflects the City as the insured prior to the City's release of funds for construction. Once construction is completed, the Company shall provide to the City a Title Insurance Policy as stated above. O. Appraisa]. The Company shall provide to the City an appraisal completed by a State Certified General Appraiser on the property for this project upon completion of the construction outlined in Exhibit "A" of this agreement, reflecting a minimum value of $500,600.00. 3 Initial as to approval: Company _ City_