HomeMy WebLinkAbout031597 RES - 11/27/2018 Page 1 of 2
RESOLUTION
Approving the renewal of the Small Business Incentives Agreement
between the Corpus Christi Business and Job Development
Corporation and LiftFund, Inc. to provide a grant up to $250,000.
WHEREAS, the Corpus Christi Business and Job Development Corporation ("Type A
Corporation") has budgeted funds to assist businesses create or retain jobs in the City
of Corpus Christi, Texas ("City").
WHEREAS, the Type A Corporation has requested proposals from businesses that will
create or retain jobs within the City, and determined that the proposal from LiftFund for
a loan buy-down program within the City will best satisfy this goal;
WHEREAS, City Council deems that it is the best interest of the City and citizens to
renew the business incentives agreement for a loan buy-down program between the
Type A Corporation and LiftFund;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. That the renewal of the business incentives agreement for business
development between the Type A Corporation and LiftFund for a loan buy-down
program within the City of Corpus Christi, which agreement is attached to this
resolution, is approved.
This resolution takes effect upon City Council approval on this the day of
, 2018.
031597
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SCANNED
Page 2 of 2
ATTEST: THE CITY OF CORPUS CHRISTI
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Jo omb
City Secretary Ma
Corpus Christi, Texas
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The above resolution was passed by the following vote:
Joe McComb
Rudy Garza
Paulette Guajardo t ,
Michael Hunter !fit
Debbie Lindsey-Opel L.!
Ben Molina
Everett Roy
Lucy Rubio -
Greg Smith
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Renewal
Small Business Incentive Agreement Between
Corpus Christi Business and Job Development Corporation
and LiftFund, Inc.
Renewal No.: 1 Date: September 17, 2018
The Corpus Christi Business and Job Development Corporation hereinafter referred to as
the Corporation, and LiftFund, Inc., San Antonio, Texas, hereinafter referred to as the LiftFund,
do hereby make and enter into this Renewal No. 1 of the Small Business Incentive Agreement
("Renewal") which, together with the Small Business Incentive Agreement, which was approved
by City Council on October 10, 2017, and all other duly executed amendments, constitutes the
entire agreement under the above-referenced agreement between the Corporation and LiftFund.
This Renewal is to exercise the first one-year option provided for in section 2 of the
agreement. The Term of this renewal option is October 1, 2018 through September 30,
2019.
The maximum amount of the grant for this Renewal will not exceed $250,000 as shown
in section 4.vi. of the agreement.
The Corporation and LiftFund agree to and shall abide by all terms and conditions of the original
agreement and any amendments thereto, to the extent they are not in conflict with the terms of
this Renewal.
faZte
Jane Barre a Scott Harris Date
President and CEO President
LiftFund, Inc. Corpus Christi Business and Job
Development Corporation
APPROVED AS TO LEGAL FORM
Assistant City Attorney Date
Attorney for Corporation
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date: November 27, 2018 / gā/3 V
Agenda Item:
Resolution approving the renewal of the Small Business Incentives Agreement between the Corpus
Christi Business and Job Development Corporation and LiftFund, Inc. to provide a grant up to
$250,000.
Amount Required: $250,000
Fund Name Accounting Unit Account Activity No. Amount
No.
Economic Dev Fund 1140-15020-777 530000 $250,000
Total .1s-o, 0,0
ā Certification Not Required
Director of Financial Services
Date: NOV 2 6 2018