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<br />I <br /> <br />I <br /> <br />I <br /> <br />RESOLUTION NO. 2007- 64 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, APPROVING AN AMENDED <br />DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE <br />CITY AND KULA MEDIA; AUTHORIZING THE CITY <br />MANAGER TO EXECUTE THE AGREEMENT; AND <br />DECLARING AN EFFECTIVE DATE. <br /> <br />RECITALS; <br /> <br />1. The City Council has adopted an Economic Development Incentives Policy by Resolution <br />2006-91 R. <br /> <br />2. Kula Media is proposing to expand its high tech business in San Marcos. Kula Media will <br />be adding a number of new employees to its business. <br /> <br />3. The City and Kula Media wish to enter into a development incentive agreement pertaining <br />to this project. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />PART 1. The attached development incentive agreement (the "Agreement") between the <br />City and Kula Media found to satisfy the requirements of the Policy. <br /> <br />PART 2. The terms and conditions of the Agreement are approved and adopted. <br /> <br />PART 3. The City Manager, Dan O'Leary, is authorized to execute this Agreement. <br /> <br />PART 4. The City Finance Department is directed to fully fund this agreement out of the <br />current funds that have been set aside for economic development purposes. <br /> <br />PART 5. This Resolution is in full force and effect immediately upon its passage. <br /> <br />ADOPTED on April 3, 2007 <br /> <br />s~~ <br /> <br />Mayor <br /> <br />,/ <br /> <br /> <br />:[ ~t ! ) <br />