Res 1996-180 - Laserfiche WebLink

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4/ß - Page 3 of 8. the City of San Marcos corporate limits or within the City's sales tax jurisdiction. Debtor agrees to: 2.1.2 Utilize the HUD-EDP loan funds for working capital purposes. 2.1.3 Pay salaries of Principals from fund sources other than the HUD-EDP loan. 2.1.4 Repay the loan in accordance with the terms of Article 1, Equipment Lien Note, included as part of this Agreement. 2.1.5 Create within 180 days of the date of this Agreement, and maintain throughout the term of this Agreement, three jobs the working hours for which shall be equivalent to three full-time jobs at Debtor's San Marcos location with another 3 full time jobs to be created within 2 years from the date of this Agreement. Each full-time job equivalent is defined as employment for 1,820 hours or more per year or 35 hours or more per week. A part-time job is defined as employment for less than 1820 hours per year and 20-34 hours per week per person. Two part-time jobs are the equivalent of one full-time job. Of these six full time job equivalents, six will be provided to individuals residing in a Census Tract with at least 70 % Low to Moderate income or at least a 20% Poverty rata. Credit will only be given for jobs created/retained at the San Marcos Small Business Incubator and Debtor agrees to provide documentation supporting the creation/existence of these jobs. - 2.1.6 Invest a minimum of $44,801.00 of funds from other private sources in vehicles, equipment, and inventory to leverage this Project and provide documentation of this private investment to the City's Community Development Coordinator. 2.1.7 Borrow from other sources sufficient funds for the purchase of a refrigerated truck. 2.1.8 Obtain acceptance as a tenant in the San Marcos Small Business Incubator. 2.1.9 Provide the City within ninety (90) days of each of Debtor's quarters, financial statements prepared in accordance with generally accepted accounting principles. Debtor also agrees to provide an annual audited financial statement, to include a balance sheet, statement of changes, statement of profit and loss and cash flow. , 2.1.10 Maintain all accounts and records (including personnel, property, and financial records) on a recognized accounting basis acceptable to the City to assure proper accounting of all Project funds. Provide the City with receipts or other documentation to verify the use of the City's loan funds, and an annual report each year which will verify job maintenance compliance. These records will be made available to HUD, the City or the City's authorized representative at mutually convenient times or if no time can be agreed upon, within 10 days of receiving a written request from HUD or the City. ,-