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<br /> 36 <br /> RESOLUTION 1997 - 186 R <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> TEXAS, APPROVING THE TERMS AND CONDITIONS OF AN <br /> AMENDMENT TO THE ECONOMIC DEVELOPMENT AGREEMENT WITH <br /> X-SQUEEZE ME! JUICE INC. FOR THE EXTENSION OF INTEREST ONLY <br /> PAYMENTS FOR A PERIOD OF 12 MONTHS; AUTHORIZING THE CITY <br /> MANAGER TO EXECUTE THE AMENDMENT ON BEHALF OF THE CITY <br /> AND DECLARING AN EFFECTIVE DATE. <br /> RECITALS: <br /> 1. On October 15, 1996, Council approved an Economic Development Agreement <br /> with X-Squeeze Me! Juice, Inc., for a $40,000.00 working capital loan. Principal <br /> and interest payments of $504.86 were scheduled to begin on December 1, 1997. <br /> 2. Dr. Jeff C. Jorgensen, President of X-Squeeze Me! Juice, Inc., requested a 12 <br /> month delay in the start of principal payments on the loan to give the company <br /> additional time to develop its market and cash flow. All other terms of the <br /> Economic Development Agreement will remain the same. <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> PART 1. The terms and conditions of the attached amendment to the <br /> Economic Development Agreement between the City and X-Squeeze Me! Juice, Inc., are <br /> approved. <br /> PART 2. The City Manager, Larry D. Gilley, is authorized to execute the <br /> attached amendment on behalf of the City. <br /> PART 3. This Resolution shall be in full force and effect immediately from and <br /> after its passage. <br /> ADOPTED this the 24th day of November, 1997. <br /> ß~~~ <br /> Billy G. Moore <br /> Mayor <br /> Attest: <br /> 19~'fJ(~ <br /> Janis K. Womack <br /> City Secretary <br />