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• RESOLUTION 2008-114 R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, APPROVING A CHAPTER 380 ECONOMIC <br />DEVELOPMENT AGREEMENT WITH THE MASTER'S SCHOOL OF <br />SAN MARCOS, INC. PROVIDING FOR A LOAN TO PROMOTE LOCAL <br />ECONOMIC DEVELOPMENT AND TO STIMULATE BUSINESS AND <br />COMMERCIAL ACTIVITY IN THE CITY; AUTHORIZING THE CITY <br />MANAGER TO EXECUTE THIS AGREEMENT ON BEHALF OF THE <br />CITY AND DECLARING AN EFFECTIVE DATE. <br />RECITALS: <br />1. The City is authorized under Chapter 380 of the Texas Local Government Code to <br />establish programs to provide loans for the purposes of promoting local economic development <br />and stimulating business and commercial activity in. the City. <br />2. The Master's School of San Marcos, Inc. is proposing to expand its school and <br />educational programs at a new location on 16.19 acres near Center Point Road and to add seven <br />to ten new full-time employees with an estimated payroll of $120,000.00. The Master's School <br />of San Marcos, Inc. has asked the City to consider granting economic development incentives <br />related to such project. <br />• BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS: <br />PART 1. The attached Chapter 380 Economic Development Agreement between the <br />City and The Master's School of San Marcos, Inc. will advance the City's objectives of <br />promoting local economic development and stimulating business and commercial activity in the <br />City. <br />PART 2. The terms and conditions of the Agreement are approved and adopted. <br />PART 3. The City Manager, Rick Menchaca, is authorized to execute the <br />Agreement on behalf of the City. <br />PART 4. This Resolution shall be in full force and effect immediately from and <br />after its passage. <br />0