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<br /> - l25 <br />/' <br /> RESOLUTION 1997 -, 56 R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS APPROVING A TRANSFER OF FUNDS FOR THE SMALL <br />BUSINESS INCUBATOR; DIRECTING STAFF TO SUBMIT A CONTRACT <br />AMENDMENT REQUEST TO THE TEXAS DEPARTMENT OF HOUSING <br />AND COMMUNITY AFFAIRS; AND DECLARING AN EFFECTIVE DATE. <br />RECITALS: <br />1. On February 27, 1995 the City approved a contract with the Texas <br />Department of Housing and Community Affairs ("TDHCA") for a grant to establish a small <br />business incubator (Corridor Business Incubator) in San Marcos. <br />2. The City contracted with the San Marcos Industrial Foundation to operate <br />and manage the incubator. <br />3. The San Marcos Industrial Foundation formed the Corridor Business <br />Innovations Center with a board of directors who hired an individual to manage the <br />incubator. <br /> . <br />4. The City has received a request from the San Marcos Industrial Foundation <br />and Executive Director of the Corridor Business Incubator to transfer funds from machinery <br />and equipment to working capital. <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS: <br />PART 1 . The transfer of $34,225 from funds allotted for machinery and <br />equipment to working capital for use in operatil,1g the Corridor Business Incubator is <br />approved contingent on approval by the state. <br />PART 2. The City staff is directed to submit a contract amendment request to <br />the state. <br />PART 3. This Resolution shall be in full force and effect from and after its <br />passage. <br />ADOPTED this 14TH day of APRIL ,1997. <br /> fJ~~,~ <br /> Billy G. Moore <br /> Mayor <br />Attest: <br />c:t~! #~ <br />City Secretary <br />