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<br /> 130 <br /> RESOLUTION 1992- Rfi R <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br /> OF SAN MARCOS, TEXAS DIRECTING THE CITY <br /> MANAGER TO NOTIFY VF FACTORY OUTLET, INC. OF <br /> DEFAULT UNDER A TAX ABATEMENT AGREEMENT; AND <br /> DECLARING AN EFFECTIVE DATE. <br />WHEREAS, the City executed a Tax Abatement Agreement (the <br />"Agreement") with VF Factory Outlet, Inc. ("VF") on April 10, 1990; <br />and, <br />WHEREAS, Part II(B) of the Agreement calls for VF to have <br />maintained 44 full-time job equivalents during calendar year 1991 <br />at the new facility constructed by VF in San Marcos; and, <br />WHEREAS, VF has informed the City that it maintained only 26 <br />full-time job equivalents during calendar year 1991; now, <br />therefore, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. That VF is declared to be in default under the <br />Agreement with respect to the required maintenance of full-time job <br />equivalents. <br />PART 2. That the City Manager, is hereby directed to submit <br />an invoice to VF in accordance with Part V(D)of the Agreement for <br />18/44 of the amount of City taxes abated on VF's property for the <br />tax year 1991. <br />PART 3. That this declaration, of default shall not constitute <br />a termination of the Agreement by the city. <br />PART 4. That this Resolution shall be in full force and <br />effect immediately from and after its passage. <br />ADOPTED this the 27~ y of JU~.' 1992. , <br /> athy . Mr is ~ <br /> Mayor <br />Atte~t: ~ /;, ~ <br />~ Wom Ck~ <br />Clty Secretary <br />