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<br />119 <br /> <br />RESOLUTION 1999- 82 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, APPROVING THE CONVEYANCE <br />OF THE CITY'S INTEREST IN THE CORRIDOR BUSINESS <br />INCUBATOR SITE LOCATED AT 215 W. SAN ANTONIO <br />STREET TO THE SAN MARCOS INDUSTRIAL <br />DEVELOPMENT FOUNDATION; AND DECLARING AN <br />EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. The site of the Corridor Business Incubator at 215 W. San Antonio Street was <br />acquired by the City (2/3 interest) and the San Marcos Industrial Foundation (1/3 interest) <br />in May, 1995. The City funded its share of the acquisition cost ($200,000) and the cost of <br />rehabilitating the buildings on the site ($183,293) with a grant from the Texas Department <br />of Housing and Community Affairs. Under the grant agreement, the City was required to <br />provide for management of the rehabilitated buildings as a small business incubator facility <br />under the auspices of a non-profit organization. This was fulfilled under an agreement with <br />the San Marcos Industrial Foundation. The grant agreement also provided that once the <br />grant project was closed, the City could either sell its 2/3 interest in the property, with any <br />proceeds going back to TDHCA, or the City could convey its interest to the San Marcos <br />Industrial Foundation. <br /> <br />2. The Industrial Foundation has invested $110,000 of its funds in the rehabilitation <br />of the buildings, has overseen the operation of the incubator for 3% years, and has <br />provided working capital of about $55,000 to the incubator over the past 15 months. <br /> <br />3. With the recent closing out of the grant project, the Industrial Foundation has <br />requested that the City convey its 2/3 interest in the site to the Foundation. The City is <br />willing to convey this interest, subject to the condhion that the Industrial Foundation would <br />be required to continue the use of the property as a small business incubator or small <br />business development center until March 1,2001. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. The conveyance of the City's 2/3 interest in the Corridor Business <br />Incubator site at 215 W. San Antonio Street to the San Marcos Industrial Foundation is <br />approved, with the consideration for the conveyance being the Industrial Foundation's <br />investments thus far of funding and management oversight in the operation of the small <br />business incubator at the site, and the Foundation's commitment to continued operation <br />of the site as a small business incubator or small business development center until March <br />1,2001. <br /> <br />PART 2. The City Manager, Larry D. Gilley, is authorized to execute the attached <br />deed for this conveyance on behalf of the City of San Marcos. <br /> <br />PART 3. This Resolution shall be in full force and effect from and after its passage. <br /> <br />ADOPTED this 12tldayof April <br /> <br />,1999. <br /> <br /> <br />. 'l _/(L <br />oe B. co0~?- <br />Mayor Pro-tern <br /> <br />Atte;nt ~~ ' ' ! <br />i /" ,\~:' J/Il j J <br />OO~./.. /11/)1'] Ail V. ,{1);J;lNv:fc/r?' <br />i-/~ t Ft . .. <br />Ja I'is K. Womack <br /> <br />City Secretary <br />