HomeMy WebLinkAbout026521 RES - 10/18/2005
RESOLUTION
APPROVING AMENDMENT NO. 2 OF THE AGREEMENT BETWEEN
THE CORPUS CHRISTI BUSINESS AND JOB DEVELOPMENT
CORPORATION AND ACCION TEXAS, INC. TO EXTEND THE LOW
INTEREST BUY DOWN PROGRAM THROUGH JULY 2006 AND ROLL
OVER $91,000 IN UNSPENT FUNDS FOR USE IN THE CURRENT
FISCAL YEAR
WHEREAS, in July 2004, the City of Corpus Christi Business and Job Development
Corporation ("Corporation") executed an agreement to provide ACCION Texas up to
$150,000 in economic development sales tax monies for an Interest Buy Down Program
!'Agreement"):
WHEREAS, the initial term of the Agreement was one year, from August 1, 2004
through July 31. 2005:
WHEREAS, ACCION Texas utilized $59,000 of funds under the Agreement during
period of August 1, 2004 through July 31, 2005 for the Interest Buy Down Program;
WHEREAS, on September 12, 2005, the Corporation authorized Amendment NO.2 to
the Agreement to extend the initial term of the agreement to July 31, 2006 to allow
ACCION Texas one additional year to utilize the $91,000 in funds remaining under the
first year of the Agreement:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS, THAT:
SECTION 1. The City Council approves the Corpus Christi Business and Job
Development Corporation's Amendment NO.2 to the contract with ACCION Texas, Inc.
to extend the initial term of the agreement through July 31, 2006. A copy of the
amendment is attached as Exhibit A
ATTEST
{~...-
Armando Chapa
City Secretary
Approved October 13, 2005
, i ~~
.' ,.-,- -Yj..' '.- y
,
Lisa AguilaI'--,
ASSistant City Attorney
for City Attorney
026521
Page 1 of 2
Amendment No.2 to the Agreement between City of Corpus Christi Business
and Job Development Corporation and ACCION Texas, Inc.
Whereas, in July 2004, the City of Corpus Christi Business and Job Development
Corporation ("Corporation") and ACCION Texas, Inc. ("ACCION Texas") executed an
agreement to provide business and job development incentives ("Agreement");
Whereas, under the Agreement, the Corporation agreed to provide ACCION Texas up to
$150,000 in economic development sales tax monies for an I nterest Buy Down Program;
Whereas, the Agreement was amended in May 2005 to clarify the requirements of the
Interest Buy Down Program:
Whereas, the initial term of the Agreement was one year, from August 1, 2004 through July
31 2005;
Whereas, ACCION Texas has utilized $59,000 of funds under the Agreement during period of
August 1. 2004 through July 31,2005 for the Interest Buy Down Program;
Whereas, the parties desire to amend the term of the Agreement to allow ACCION Texas
additional time to utilize the ninety-one thousand in funds remaining under the first year of the
Agreement for the Interest Buy Down Program;
Now, therefore, the parties agree to amend the Agreement as follows:
1. Section 2 of the Agreement is revised to read in its entirety as follows:
"2. Term. The term of this Agreement is from August 1,2004 through July 31,
2006."
2. This Amendment Ne. 2 takes effect upon execution by the Chair of the Corporation.
3. All other terms and conditions of the Agreement as amended remain unchanged.
Agreed to by:
Corpus Christi Business and Job Development Corporation
By __
Name
Title:
Date
Attest
By_
Name
, Secretary
ocuments and Settings\justin\My DocumentslJustin PatelAmd No.2 to ACCION Texas.doc
Hlelll A
38
Page 2 of 2
ACCION Texas, Inc.
By__
Janie Barrera
President and Chief Executive Officer
Date:
STATE OF TEXAS S
COUNTY OF NUECES S
This instrument was acknowledged before me on ,2005 by
Janie Barrera, President and Chief Executive Officer for ACCION Texas, Inc. a Texas
non-profit corporation, on behalf of ACCION Texas, Inc.
Notary Public, State of Texas
ocuments and SettmgsljustinlMy DocumentslJustin PatelAmd No.2 to ACCION Texas doc
19
Corpus Christi, Texas
L{i ~- _ Day of [) ( h{;-<'\-~, 2005
The above resolution was passed by the following vote:
Henry Garrett C L t..,fl<--
Brent Chesney l A..-re .
.- .. ,Y ^
Melody Cooper UU ~~---f-
Jerry Garcia L~
Bill Kelly LUY_
v
Rex Kinnison \..JA.....L
,
;)
John E. Marez L ,..:--L1,,(
I
Jesse Noyola _ (,U.,}k
Mark Scott l.~},-" -
() ~ h - :: 1
CITY OF CORPUS CHRISTI
CERTIFICATION OF HINDS
(Cit~ Charter Article IV, Sections 7 & 8)
Ihl' Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
It'presentative). hereby certifY to the City Council and other appropriate officers that the money
fC4ulreu t\ lr the current fiscal year's portion ofthe 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
,jrawn. and has not been appropriated f()r any other purpose. Future payments are subject to
annual appropriation by the City Council.
( i~ Council Action Date
Oct. 18.2005
\.genda Item: Resolution approving amendment No.2 of the agreement between the Corpus
ihnsti Business and Job Development Corporation and ACCION TEXAS. INC. to extend the
I(I\', Interest buy down program through July 2006 and roll over $91.000 in unspent funds for use
Hi current fiscal year.
\.mount Required:
$ 91,1200
Fund Name
Fund
No.
---..---
1140
I?..g.
1-~1 ~620_ .-
+--
T--Acco-unt
~n__ No. .._
~__~1.Q.QQO
I
j
Project
No.
Amount
Busm~ss_&_~~.Qev{:19pment
$ 91,000
I
4----
- - t
f
+-_u
$ 91,000
j--
t--
+------
Total
Certification Not Required
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