Res 1995-045 - Laserfiche WebLink

Home Browse Search

EXHIBIT A ,tiP PERFORMANCE STATEMENT City of San Marcos Contractor shall carty out the following actMties 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 reaJ 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 and Noli 00 ~Iars ($200,000) of contract funds to carry out all acquisition of needed real property described in Special Condition H incJuding various facilities, easements andlor rights-of-way in compliance with the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42 U.S.C. Sec. 4601 etseq.) and HUD implementing regulations (49 CFR Part 24). ~ Contractor shall utilize One Hundred Fifty-six Thousand Eight Hundred Ninety-three and Noli 00 Dollars ($156,893) 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 Eighty-six Thousand and Noli 00 Dollars ($86,000) of private funds to be used for rehabilitation and construction required to make the facilities suitable for a small business incubator which shall be injected at a ratio of One Dollar ($1) from equity to every Two Dollars ($2) from funds provided under this contract. This injection shall be in the form of cash equity. Contractor shall ensure that State Bank and Trust provides a loan in the amount of Twenty-five Thousand and Noli 00 ~Iars ($25,000) to be used for rehabilitation and construction required to make the facilities suitable for a small business incubator. These funds shall be injected at a ratio of One Dollar ($1) from the loan for every Two Dollars ($2) from the Texas Capital Fund. Contractor shall ensure that Century Telephone injects telephone equipment in the amount of Ten Thousand Three Hundred Seventy-eight Dollars and Noli 00 ($10,378). Contractor shall ensure that one thousand two hundred eight (1 ,208) hours of manufacturing assistance is provided to incubator tenants valued at a minimum of One Hundred Thirty-five Thousand Eight Hundred and Noli 00 Dollars ($135,800) based on an average hourly rate of One Hundred Twelve and 50/100 Dollars ($112.50). Contractor shall inject Ninety-nine Thousand Three and Noli 00 Dollars ($99,003) from its program income of which Fifty-two Thousand One Hundred Sixty-eight and Noli 00 Dollars ($52,168) Page 1 of 3