Res 1989-023 - Laserfiche WebLink

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PERFORMANCE STATEMENT Exhibit A CITY OF SAN MARCOS Contractor shall carry out the following activities in the target area(s) identified on the map in its 1987 Economic Development application. Project Description The purpose of this Economic Development project is to expand an existing business. Environmental Projection Systems, Inc. shall expand its production capabilities by purchasing and renovating an existing building and thus create an additional fifteen (15) jobs of which ten (10) will be provided to low and moderate income individuals. Environmental Projection Systems, Inc. manufactures, merchandises and services the photographic industry, developing new products for the professional portrait and commercial photographer. Environmental Projection Systems, Inc. in addition to contract funds, will leverage a minimum of Nine Hundred Thirty-Four Thousand and No/100 Dollars ($934,000.00) of private funds as part of this Economic Development project. Financial Information Contractor shall utilize One Hundred Forty Thousand and No/100 Dollars ($140,000.00) of contract funds to provide a loan to Environmental Projection Systems, Inc. The interest rate for this loan shall be 5% a.p.r. for 20 years, with a 10 year balloon payment. Payments shall be made monthly, beginning on September 30, 1989. Contractor shall secure a third lien on the land and building purchased with contract funds, and submit a copy of a filed Warranty Deed to Department within 30 days of closing on the permanent loan. Contractor shall ensure that Enivironmental Projections Systems, Inc. invests a minimum of Nine Hundred Thirty-Four Thousand and No/100 Dollars ($934,000.00). This amount shall be defined as private investment used to leverage this Economic Development project. Environmental Projection Systems, Inc. shall acquire this sum from the following sources: Four Hundred Twenty-Eight Thousand and No/100 Dollars ($428,000.00) through a permanent mortgage loan from First National Bank, San Marcos. Three Hundred Ninety-Seven Thousand and No/100 Dollars ($397,000.00) through a permanent mortgage loan from Texas Certified Development Company, Inc.; and One Hundred Nine Thousand and No/IOO Dollars ($109,000.00) cash, from Environmental Projection Systems, Inc. Contractor shall ensure that Environmental Systems, Inc. acquires loans from First National Bank, San Marcos, in the amount of Eight Hundred Twenty-Five Thousand and No/100 Dollars ($825,000.00) to be used as follows: Four Hundred One Thousand and No/100 Dollars ($401,000.00) for acquisition; Four Hundred Four Thousand Five Hundred Eighty and No/100 Dollars ($404,580.00) for construction; and Nineteen Thousand Four Hunqred Twenty and No/100 Dollars ($19,420.00) for working capital. Page 1 of 2