Res 1995-046 - Laserfiche WebLink

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. ~ ' --(vIA .. EXHIBIT A PERFORMANCE STATEMENT City of San Marcos Contractor sha1l carry out the fo4lowing 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 ~ight on a spot basis in which to establish a new 1 small business incubator to house start up businesses. Contractor shall eliminate slum and bUght on a spot basis as described in its resolution and will establish a small business incubator. . A small business incubator is defined as a fadlity 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 No/1 00 ~Iars ($200,000) of contract funds to carry out aU acquisition of needed real property described in Special Condition H induding various facilities, easements and/or rights-of-way in compUance 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 No/1 00 Dollars ($156,S93) 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 shaJl ensure that the Sponsor injects a minimum of Eighty-six Thousand and No/1 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 shafl be injected at a ratio of One DoUar ($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 No/100 Dollars ($25,000) to be used for rehabilitation and construction required to make the facilities suit~ for a smafl business incubator. These funds shall be injected at a ratio of One Donar ($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 No/100 ($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 No/1oo Dollars ($135,800) based on an average houriy rate of One Hundred Twelve and 50/100 Dollars ($112.50). Contractor shall inject Ninety-nine Thousand Three and No/100 Dollars ($99,003) from its program income of which Fifty-two Thousand One Hundred Sixty-eight and No/1 00 Dollars ($52,168) Page 1 of 3