Res 2007-064 - Laserfiche WebLink

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AMENDED ECONOMIC INCENTIVE AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND KULA MEDIA GROUP This Economic Incentive Agreement encompassing a Chapter 380 Grant (the "Agreement") is made as of 4-4-2007 by and between the City of San Marcos, Texas, a municipal corporation ("City"), and Kula Media Group ("Kula"). Kula and the City are each a Party and are referred to collectively as the "Parties". RECITALS WHEREAS, the City has adopted Resolution 2006-91R whereby the City adopted an economic development program as contemplated by Chapter 380 of the Texas Local Government Code. WHEREAS, Kula and the City are pursuing a joint project (the "Project") whereby (i) Kula is engaged in commerce involving emerging high technology; (ii) Kula desires to keep its business in the San Marcos; (iii) Kula desires to enter into a long term lease in an existing building and will have an additional building on the property constructed for their use; and (iv) Kula will create new jobs benefiting the San Marcos economy. WHEREAS, the City Council has determined that assisting Kula In establishing a permanent presence in the City would be an economic benefit. WHEREAS, City Council has adopted Resolution No. into this Agreement; and authorizing the City to enter WHEREAS, to formalize their agreements regarding the Grant, City and Kula desire to enter into this Agreement. WHEREAS this Agreement supersedes all other agreements entered into between the parties. NOW THEREFORE, For and in consideration of the making of the Grant by the City, and the covenants, agreements, representations and warranties set forth in this Agreement, the Parties hereby covenant, agree, represent and warrant as follows: PART 1. OBLIGATIONS OF KULA Section 1.01 Kula agrees to, at a minimum, maintain its current business in San Marcos for the duration of this Agreement. Section 1.02 Kula agrees to maintain its headquarters and form of its existing business in San Marcos. Section 1.03 Kula agrees to invoice the City, monthly, for the amounts set forth below in Part 2.