Res 1998-175 - Laserfiche WebLink

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EXHIBIT A PERFORMANCE STATEMENT City of San Marcos Contractor shall carry out the following activities in the target area(s) identified on the map in its 1993 Economic Development application: Project Description The purpose of this Economic Development project is to provide funds to purchase real estate and rehabilitate facilities to eliminate slum and blight on a spot basis in which to establish a new small business incubator to house start up businesses. Contractor shall eliminate slum and blight on a spot basis as described in its resolution and will establish a small business incubator. A small business incubator is defined as a facility in which small businesses share space, equipment, and support personnel and have access to professional consultants for advice related to the technical and management aspects of conducting a commercial enterprise. This project will contribute to the economic well-being of the City of San Marcos, Financial Information Contractor shall utilize Two Hundred Thousand Seventy-two and No/100 Dollars ($200,072.00) of contract funds to carry out all acquisition of needed real property described in Special Condition H including various facilities, easements and/or rights-of-way in compliance with the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42 U.S.C. Sec. 4601 et.seq,) and HUD implementing regulations (49 CFR Part 24), Contractor shall utilize One Hundred Seventy-three Thousand Four Hundred Thirty-eight and No/100 Dollars ($173,438,00) of contract funds for the rehabilitation of facilities described in Special Condition H to eliminate slum and blight as identified in this Performance Statement. Contractor shall ensure that the Sponsor injects a minimum of One Hundred Eleven Thousand and No/100 Dollars ($111,000.00) of private funds to be used for rehabilitation and construction required to make the facilities suitable for a small business incubator. This injection shall be in the form of cash. Contractor shall inject Ninety-nine Thousand Three and No/100 Dollars ($99,003.00) from its program income of which Fifty-two thousand One Hundred Sixty-eight and No/100 Dollars ($52,168.00) shall be used for working capital and Forty-six Thousand Eight Hundred Thirty-five and No/100 Dollars ($46,835.00) shall be used for the purchase of machinery and equipment. Contractor shall acquire, by purchase or donation, machinery and equipment valued at Twenty-six Thousand Six Hundred and No/100 Dollars ($26,600.00), not including the above-mentioned purchases from Contractor's program income. Contractor shall inject working capital in the amount of Seventy-seven Thousand Eight Hundred Eighty-nine and No/100 Dollars ($77,889.00), not including the above-mentioned injection from Contractor's program income. Contractor shall provide documentation of the donation of in-kind services valued at One Hundred Thirty-five Thousand Five Hundred Eighty-two and No/100 Dollars ($135,582,00), to be provided to the incubator tenants. Such services include, but are not limited to, rent, legal and accounting services, management consulting and counseling, and administrative services. Page 1 of 2