HomeMy WebLinkAbout031261 RES - 10/10/2017 Page 1 of 2
RESOLUTION
Approving a Small Business Incentives Agreement between the
Corpus Christi Business and Job Development Corporation and
LiftFund, Inc. (LiftFund) to provide grant up to $250,000 for their loan
buy-down program to assist small businesses.
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
approve 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 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 approv `d.
This res lu ion talcs effect upon City Council approval on this the JO day of
®�� , 2017.
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INDEXED
Page 2 of 2
ATTEST: THE CITY OF CORPUS CHRISTI
.p.d/(x,
Rebecca Huerta Joe mb
City Secretary Mayo
Corpus hristi, Texas
I of 6n4C212ite-) , !O11
The above resolution was passed by the following vote:
Mayor McComb
Rudy Garza
Paulette Guajardo t
Michael Hunter
Ben Molina !
Lucy Rubio !
Greg Smith
Carolyn Vaughn 1 _/Z
Debbie Lindsey-Opel
I.) 12. 1
4f3f52e8-2c9e-49e2-b827-31 f9c0ae04c6.docx
SMALL BUSINESS INCENTIVES AGREEMENT BETWEEN THE CORPUS CHRISTI
BUSINESS AND JOB DEVELOPMENT CORPORATION AND LIFTFUND, INC: FOR AN
INTEREST BUY DOWN PROGRAM FOR SMALL BUSINESSES
This Small Businesses Incentives Agreement for an Interest Buy Down Program for Small
Businesses ("Agreement") is entered into between the .Corpus Christi Business and Job
Development Corporation ("Corporation") and LiftFund,_Inc., a Texas nonprofit corporation
("LiftFund").
WHEREAS, the Texas Legislature in Section 4A of Article 5190.6, Vemon's Texas Revised Civil
Statutes (Development Corporation Act of 1979), now codified as Subtitle Cl, Title 12, Texas
Local Government Code, Section 504.002 et seq, ("the Act"), empowered local communities with
the ability to adopt an optional local sales and use tax as a means of improving the economic
health and prosperity of their citizens;
WHEREAS, on November 5, 2002, residents of the City of Corpus Christi ("City") passed
Proposition 2, New and Expanded Business Enterprises,which authorized the adoption of a sales
and use tax for the promotion and development of new and expanded business enterprises at the
rate of one-eighth of one percent to be imposed for 15 years,
WHEREAS, the 1/8th cent sales tax authorized by passage of Proposition 2 was subsequently
enacted by the City Council and filed with the State Comptroller of Texas,effective April 1, 2003,
to be administered by the Corpus Christi Business and Job Development Corporation Board;
WHEREAS, the Corpus Christi Business and Job Development Corporation exists for the
purposes of encouraging and assisting entities in the creation of jobs for the citizens of Corpus
Christi, Texas;
WHEREAS,the Board of Directors of the Corporation("Board"),on November 14,2016,amended
the Corporation's Guidelines and Criteria for Granting Business Incentives("Type A Guidelines"),
which the City.Council approved on December 20, 2016;
WHEREAS, Section 501.073 of The Act requires the City Council to approve all programs and
expenditures of the Corporation;
WHEREAS, LiftFund is a Texas nonprofit corporation whose principal mission is to provide loans
to small business owners lacking access to commercial credit;
WHEREAS, LiftFund anticipates, over the next twelve months, providing interest buy down to
5.5% for approximately 60 loans with an average value of$25,000 to low and moderate income
micro and small business owners in Corpus Christi to generate 20 new permanent full-time jobs;
WHEREAS, the Board has determinedthat it is in the best interests of the citizens of Corpus
Christi,Texas that business development funds be provided to LiftFund,through this contract with
LiftFund, to be used by LiftFund to buy down the interest on commercial loans to 5.5% interest
for small businesses, and 0% interest on loans for small businesses related to recovery from
damage caused by the recent hurricane, and establish a smalr business grant program, both of
which will result in creation of new full-time permanent jobs in the city of Corpus Christi:
In consideration of the covenants,promises,and,conditions stated in this Agreement, Corporation
and LiftFund agree as follows:
Page 1 of 12
Agreement LiftFund 2017-2018CC
1-. Effective Date. The effective date of this Agreement ("Effective Date") is the latest date that
either party executes this Agreement.
2. •Term. The term of this Agreement is for one year from October 1, 2017, through September
30, 2018. This Agreement may be extended at the option of the Corporation for up to two
additional one year terms, contingent upon annual appropriation of funds and approval of the City
Council. Per the guidelines, LiftFund must reapply every year for the grant.
3. Loan Loss Reserve Program.
a. The Corporation has previously provided$75,000 for the Loan Loss Reserve Program.
b. The Loan Loss Reserve Program funds will be used to allow LiftFund to leverage
additional capital for small business loans.
c.. "Small business" is defined in the Corpus Christi Business & Job Development
Corporation Guidelines & Criteria for Granting Business Incentives ("Corporation.
Guidelines).:
d. LiftFund anticipates that it will have one million dollars available on an annual basis to
be lent to qualifying small businesses in Corpus Christi.
e. For every$50,000 in loans that LiftFund provides to a'small business in Corpus Christi,
LiftFund shall ensure that the loan will result in the creation of one new full-time permanent
job in the city of Corpus Christi.
f. Businesses assisted must be located in or locating within the city limits of Corpus Christi,
Texas.
g. Businesses assisted must be unable to obtain .a loan from traditional lending
institutions.
h. Loan amounts shall-be within the range.of$5,000 to$75,000.
i. LiftFund shall provide the Corporation with quarterly reports to identify the loans made,
name and address of business receiving loan, jobs created, and other reports as
requested by the-Corporation.
j. LiftFund shall provide the corporation with quarterly reports of capital available for loans
to qualified Corpus Christi small businesses or qualified small businesses locating to
Corpus Christi.
k. LiftFund will provide funds for operations and loan capital to implement and sustain the
program. •
4. Interest Buy Down Program.
a. In consideration for creation and maintenance of new jobs as provided in this
Agreement, the Corporation agrees to pay LiftFund up to$200,000 for the
Interest Buy-Down Program as follows:
Page 2 of 12
Agreement LiftFund 2017-2018CC
I. LiftFund must first receive a request for a loan from a small business or start-up
company that has the ability to produce jobs in the future and is located in Corpus
Christi or will be locating in Corpus Christi("Business").
ii.The request from the applicant must include a notarized affidavit stating that they
have applied for normal financing from a bank, or similar lending institution, and
have been denied a loan.
iii. LiftFund shall review the request for a loan from the Business.
iv. Upon LiftFund approval of a loan, and prior to the closing of the loan, LiftFund
shall submit Attachment"A"to the Corporation requesting funds to buy down the
interest rate from the interest rate allowable per the underwriting criteria to 5.5%
or 0% interest for loans related to recovery from damage caused by a hurricane.
The Corporation authorizes an interest buy down up to 7% of the interest rate to
finance the loan: Payment by Corporation shall not exceed$17,500 per loan and
shall be calculated using the following formula:
For Non-Hurricane Related Loans:
(Loan amount x interest rate to buy down to 5.5%)/12 = N
N x number of payments=interest buy down reimbursement to LiftFund for
business loan. (The number of monthly payments shall not exceed sixty
(60).)
Example: ($10,000 x 7%)/ 12=58.33
58.33 x 36 = $2,100 = amount to be reimbursed to LiftFund for business
loan.
For Hurricane Related Loans:
(Loan amount x interest rate to buy down to.0.0%)/ 12 = N
N x number of payments=interest buy down reimbursement to LiftFund for
business loan. (The number of monthly payments shall not exceed.sixty
(60).) . .
Example: ($1.0,000 x 12.5%)/12= 104.16
$104.16 x 36=$3,750=amount to be reimbursed to LiftFund for business
loan.
v.The Corporation shall provide a response to approve or deny the reimbursement
for the Interest Buy Down Program funds to LiftFund within'2 business days of
receipt of Attachment"A." The Corporation shall reimburse funds within 30 days
after evidence of closing the loan is submitted.
vi. The total funds available on an annual basis under the Interest Buy Down
Program under this agreement are$200,000.
Page 3 of 12
Agreement LiftFund 2017-2018CC
b. The loans assisted with the programmust be within the range of$5,000 to$75,000.
c. This program must result in the creation of one permanent full-time job per every loan
of at least $50,000 assisted with the Interest Buy Down Program. LiftFund shall ensure
that the loan will result in the creation of one new full-time permanent job in the city of
Corpus Christi.
d. Businesses assisted through this program must be:
i. A start-up or existing small business that is unable to obtain a loan from a
traditional financial institution or unable to qualify for the total needed for a
business loan through a bank or credit union, in which case LiftFund can loan the
remaining amount with the buy down interest rate program.in conjunction with the
bankicredit union.
ii. An existing small business that needs assistance to expand.
iii. Any business assisted under the provisions of paragraphs i or ii of this
subsection, must be:
A. Located in or locating in Corpus Christi city limits.
B. Current on payment of all sales taxes.
C. Current on payment of all ad valorem taxes in the City of Corpus Christi.
e. The following projects are ineligible for this program:
i. Refinancing of existing loans or debt
ii. Businesses located outside the Corpus Christi city limits
iii. Home-based businesses
iv. Loans to existing businesses which are not planning on expanding
v. Business retention.
f. LiftFund may use up to $200,000to assist start-up and existing small businesses that
have little orno access to traditional credit.
g. LiftFund shall provide the Corporation with quarterly reports as provided in Attachment
"B"to identify the loans made, name and address of the business receiving the loan,jobs
created under the Interest Buy Down Program, and other reports as requested by the
Corporation.
h. LiftFund shall provide funds for operations and loan capital to implement and sustain
the program.
i. LiftFund shall develop loan underwriting criteria and payment terms and conditions for
its loan program and provide to the Corporation.
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Agreement LiftFund 2017-201 BCC
j. At the termination of this agreement and after repayment or other conclusion of all loans
assisted by Interest Buy Down Program, LiftFund will return to the Corporation any
unexpended funds remaining from the Loan Loss Reserve Program.
5. Small.Business Grant Program.
a. In consideration for creation and maintenance of new jobs as provided in this
Agreement, the Corporation agrees to pay LiftFund up to$50,000 for the Small Business
Grant Program as follows:
i. Grants to loan applicants who do not meet standard underwriting criteria, either
because of capacity, cash flow, or credit, who could benefit from a grant to boost
their ability to become successful. The grant amount may not exceed $2,500-or
10% of the principal amount requested,whichever is less.
ii. Grants to loan applicants who want to use part of loan proceeds to reduce energy
consumption or transition into green retail products. The grant amount may not
exceed$2,500 or 25%of the upgrades presented in the loan file.
iii. Grants-to loan applicants who provide seivices for working families (e.g. both
children and adult day care centers)to improve their facilities to be compliant with
state/federal standards. The grant amount may not exceed $2,500.
iv:Grants to loan applicants that are veteran owned businesses. The grant amount .
may not exceed$500.
v. Working capital grants to holders of existing loans with LiftFund. If the loans
that have paid routinely on time for a period of 24 months, the maximum grant
amount may not exceed$1,000. If the loans have beenpaid routinely on time for
a period of 12 months on time payments, the maximum grant amount may not
exceed $500 grant. -
b. The loans assisted with the program must be within the range of$500 to$25,000.:
c. This program must result in the creation of one permanent full-time job per every related
loan of at.least$50,000 assisted through the Interest Buy Down Program: LiftFund shall
ensure that the loans will result in the creation of one new full-time permanent job in the
city of Corpus Christi.
d. Businesses assisted through this program must be: .
i. A start-up or existing small business that is unable to obtain a loan from a
traditional financial institution or unable to qualify for the total needed for a
business loan through a bank or credit union, in which case LiftFund can loan the
remaining amount with the Buy Down interest rate program in conjunction with the
banklcredit union.
ii. An existing small business that needs assistance to expand.
iii. Any business assisted under the.provisions of paragraphs i or ii of this-
subsection, must be:
Page 5of12
Agreement LiftFund 2017-2018CC
A. Located in or locating in Corpus Christi city limits.
B. Current on payment of all sales taxes.
C. Current on payment of all ad valorem taxes in.the City of Corpus.Christi.
e. The following projects are ineligible for this program:
i. Businesses located outside the Corpus Christi city limits
ii. Home-based businesses located outside the Corpus Christi city limits
iii. Grants to existing businesses which are not planning on expanding
f. LiftFund shall provide the Corporation with quarterly reports as provided in Attachment
"B" to identify the grants made, name and address of the business receiving the grant,
jobs created under the related Interest Buy Down Program,and other reports as requested
by the Corporation.
g._LiftFund shall provide funds to implement and sustain the program.
h. LiftFund shall develop grant award criteria and payment terms and conditions for the
grant loan program, and must provide copies of the criteria, terms, and conditions to the
Corporation.
i. At the termination of this agreement or other conclusion of the Small Business Grant
Program, LiftFund shall return to the Corporation any unexpended funds remaining from
the Small Business Grant Program.
6. Job Creation Qualification.
a. In order to count as a created job under this Agreement, the job must pay wages at
least as high as the median wage of the occupation in the Corpus Christi MSA as
determined by Texas Workforce Commission's Texas Industry Profiles report.
b. A lob" is defined in the Type A Guidelines as a full-time employee, contractor,
consultant, or leased employee who has a home address in the.Corpus Christi MSA.
c. LiftFund agrees to confirm and document to the Corporation that each job created as
a result of funding provided by this Agreement is maintained throughout the term of the
loan to the Business.
d. LiftFund agrees to provide Corporation with a sworn certificate by authorized
representative of each shall business assisted under this Agreement certifying the number
of full-time permanent employees employed by the small business.
e. LiftFund shall ensure that the Corporation is allowed reasonable access to personnel
records of the small businesses assisted under this Agreement.
7. Buy Local Provision.
Page 6of12
Agreement LiftFund 2017-2018CC
a: LiftFund agrees to use its best efforts to give preference and priority to local
manufacturers,suppliers,contractors, and labor,except where not reasonably possible to
do so without added expense, substantial inconvenience, or sacrifice in operating
efficiency.
b. For the purposes of this section, the term "local" as used to describe manufacturers,
suppliers, contractors, and labor includes firms, businesses, and persons who reside in or
maintain an office within a 50 mile radius of Nueces County.
8. Local Offices. Two staff persons of LiftFund offices shall be located in Corporation designated
offices or a mutually agreeable location.
9. Representation on LiftFund governing board. LiftFund agrees to appoint a person designated
by the Corporation as a member of LiftFund governing board.
10. Warranties. LiftFund warrants and represents to Corporation the following:
a. LiftFund is a corporation duly organized, validly existing, and in good standing under
the laws of the State of Texas, and further has all corporate power and authority to carry
on its business as presently conducted in Corpus Christi,Texas.
b. LiftFund has the authority to enter into and perform, and will perform, the terms of this
Agreement.
c. LiftFund has timely filed and will timely file all local, State, and Federal tax reports and
returns required by laws to be filed and all Texas, assessments, fees, and other
governmental charges, including applicable ad valorem taxes, have been timely paid,and
will be timely paid, during the term of this Agreement.
d.LiftFund has received a copy of the Act and acknowledges that the funds granted in this
Agreement must be utilized solely for purposes authorized under State law and by the
terms of this Agreement.
e. If an audit determines that the funds were not used for authorized purposes, LiftFund
agrees to reimburse Corporation kir the sums of money spent for purposes not authorized
by law within 30 days written notice requesting reimbursement.
f. The parties executing this Agreement on behalf of LiftFund are duly authorized to
execute this Agreement on behalf of LiftFund.
g. LiftFund does not and agrees that it will not knowingly employ an undocumented worker.
If, after receiving payments under this Agreement, LiftFund is convicted of a violation
under.§U.S.C. Section 1324a(f), LiftFund shall repay the payments at the rate and
according to the terms as specified by City Ordinance,, as amended, not later than the
120th day after the date LiftFund has been notified of the violation.
11. Compliance with Laws. LiftFund shall observe and obey all applicable laws, ordinances,
regulations, and rules of the Federal, State, county, and city'governments.
12. Non-Discrimination. LiftFund covenants and agrees that LiftFund will not discriminate nor
permit discrimination against any person or group of persons,with regard to employment and the
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Agreement LiftFund 2017-2018CC
provision of services at, on, or in the Facility, on the grounds of race, religion, national origin,
marital status, sex, age,disability, or in any manner prohibited by the laws of the United States or
the State of Texas.
13. Force Majeure. If the Corporation or LiftFund is prevented,wholly or in part,from fulfilling its
obligations under this Agreement by reason of any act of God, unavoidable accident, acts of
enemies, fires, floods, governmental restraint or regulation, other causes of force majeure, or by
reason of circumstances beyond its control, then the obligations of the Corporation or LiftFund
are temporarily suspended during continuation of the force majeure.- If either party's obligation is
affected by any of the causes of force majeure, the party affected shall promptly notify the other
party in writing,giving full particulars of the force majeure as soon as possible after the occurrence
of the cause or causes relied upon.
14. Assignment. LiftFund may not assign all or any part of its rights, privileges, or duties under
this Agreement without the prior written approval of the Corporation and City. Any attempted
assignment without approval is void, and constitutes a breach of this Agreement.
15. Indemnity. LiftFund covenants to fully indemnify, save, and hold harmless the
Corporadon, the City, their respective Officers, employees,: and agents ("Indemnitees")
against all liability, damage, loss, claims demands, and actions of any kind on account of.
personal injuries (including; without limiting the foregoing, workers':compensation and
death claims), or property loss or damage of any kind, which arise out of or are in any
manner connected with, or are claimed to arise out of or be in any manner connected with
LiftFund activities conducted under or incidental to this Agreement,including any injury,
loss or damage caused by the sole or contributory negligence of any or all of the
Indemnitees. LiftFund must,at its own expense,investigate all those claims and demands,
attend to their settlement or other disposition, defend all actions based on those claims
and demands with counsel satisfactory to.Indemnitees; and pay all charges of attorneys
and all other cost and expenses of any kind arising from the liability,damage,loss,-claims,
demands, or actions.
16. Events of Default. The following events constitutea default of this Agreement:
a: Failure of LiftFund to timely, fully, and completely comply with any one or more of the
requirements, obligations, duties, terms, conditions, or warranties of this Agreement.
b. The Corporation or City determines that any representation or warranty on behalf Of
LiftFund contained in this Agreement or in any financial statement, certificate, report, Or
opinion submitted to the Corporation in connection with this Agreement was incorrect or
misleadingin any material respect when made.
c. Any judgment is assessed against LiftFund or any attachment or other levy against the
property of LiftFund with respect to a claim remains unpaid, undischarged, or not
dismissed for a period of 30 days.
d. LiftFund makes an assignment for the benefit of creditors.
e. LiftFund files a petition in bankruptcy, or is adjudicated insolvent or bankrupt.
f. if taxes owed by LiftFund become delinquent, and LiftFund fails to timely and properly
follow the legal procedures for protest or contest.
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Agreement LiftFund 2017-2018CC
g. LiftFund changes the general character of business as conducted of the date this
Agreement is approved by the Corporation.
17. Notice of Default. Should the Corporation or City determine that. LiftFund is in default
according to the terms of this Agreement,the Corporation or City shall notify LiftFund in writing of
the event of default and provide 60 days from the date of the notice ("Cure Period")for LiftFund
to cure the event of default.
18. Results of Uncured Default. After exhausting good faith attempts to address any default
during the cure Period, and taking into account any extenuating circumstances that might have
occurred through no fault of LiftFund, as determined by the Board of Directors of the Corporation,
the following actions must be taken for any default that remains uncured after the Cure Period.
a. LiftFund shall immediately repay all funds paid by Corporation under this Agreement.
b. LiftFund shall pay Corporation reasonable attorney fees and costs of court to collect
amounts due to Corporation.
c. The Corporation shall have no further obligations to LiftFund under this Agreement.
d. Neither the City nor the Corporation may be held liable for any consequential damages.
e. The Corporation may pursue all remedies available under law.
19. No Waiver.
a. No waiver of any covenant or condition, or the breach of any covenant or condition of
this Agreement, constitutes a waiver of any subsequent breach of the covenant or
condition of the Agreement.
b. No waiver of any covenant or condition, or the breach of any covenant or condition of
this Agreement, justifies or authorizes the nonobservance on any other occasion of the
covenant or condition orany other covenant or condition of this Agreement.
c. Any waiver or indulgence of LiftFund' default may not be considered an estoppel
against the.Corporation.
d.. It is expressly understood that if at any time LiftFund is in default in any of its conditions
or covenants of this Agreement,the failure on the part of the Corporation to promptly avail
itself of the rights and remedies that the Corporation may have, will not be considered a
waiver on the part of the Corporation, but Corporation may at any time avail itself of the
rights or remedies or elect to terminate this Agreement on account of the default.
20. LiftFund specifically agrees that Corporation shall only be liable to LiftFund for the actual
amount of the money grants to be conveyed to LiftFund,and shall not be liable to LiftFund for any
actual or consequential damages,direct or indirect, interest, attorney fees, or cost of court for any
act of default by Corporation under the terms of this agreement. Payment by Corporation is strictly
limited to those funds so allocated, budgeted, and collected solely during the grant term of this
agreement, being October 1, 2017, through September 30, 2018. Corporation shall use its best
efforts to anticipate economic conditions and to budget accordingly. .However, it is further
understood and agreed that, should the actual total sales tax revenue collected for any one year
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Agreement littFund 2017-2018CC
be less than the total amount of grants to be paid to all contracting parties with Corporation for
that year, then in that event, all contracting parties shall receive only their pro rata share of the
available sales tax: revenue for that year, less Corporation's customary and Usual costs and
expenses, as compared to each contracting parties'grant amount for that year, and Corporation
shall not be liable to for any deficiency at that time or at any time in the future. In this event,
Corporation will provide all supporting documentation,as requested. Payments to be made shall
also require a written request from LiftFund to be accompanied by all necessary supporting
documentation.
21. Notices.
a. Any required written notices shall be sent mailed, certified mail, postage prepaid,
addressed as follows:
LiftFund:
LiftFund,'Inc.
Attn.` Janie Barrera
2007 West Martin Street
San Antonio,Texas 78207
Corporation:
City of Corpus Christi
Business and Job Development Corporation
Attn.: Executive Director
1201 Leopard Street
Corpus Christi, Texas 78401
b. A copy of all notices and correspondence must be sent the City at the following address:
City of Corpus Christi
Attn.: City Manager
P.O. Box 9277
Corpus Christi, Texas 78469-9277
c. Notice is effective upon deposit in the United States mail in the manner provided above.
22. Incorporation of other documents. The Corpus Christi Business and Job Development
Corporation Guidelines and Criteria for Granting Business Incentives ("Corporation Guidelines"),
as amended, are incorporated into this Agreement.
23. Amendments or Modifications. No amendments or modifications to this Agreement may be
made, nor any provision waived, unless in writing signed by a person duly authorized to sign
agreements on behalf of each party.
24. Relationship of Parties. In performing this Agreement,both the Corporation and LiftFund will
act in an individual capacity, and not as agents,representatives,employees,employers,partners,
joint-venturers, or associates of one another. The employees or agents Of either party may not
be, nor be construed to be, the employees or agents of the other party for any purpose.
Page 10 of 12
Agreement LiftFund 2017-2018CC
25. Captions. The captions in this Agreement are for convenience only and are not a part of this
Agreement. The captions do not in any way limit or amplify the terms and provisions of this
Agreement.
26. Severability.
a. If for any reason,any section,paragraph,subdivision,clause,provision,phrase or word
of this Agreement or the application of this Agreement to any person or circumstance is,
to any extent, held illegal, invalid, or unenforceable under present or future law or by a
final judgment of a court of competent jurisdiction,then the remainder of this Agreement,
or the application of the term or provision to persons or circumstances other than those
as to which it is held illegal, invalid, or unenforceable, will not be affected by the lawor
judgment, for it is the definite intent of the parties to this Agreement that every section,
paragraph, subdivision, clause, provision, phrase, or word of this Agreement be given full
force and effect for its purpose.
b. To the extent that any clause or provision is held illegal, invalid,or unenforceable under.
present or future law effective during the term of this Agreement, then the remainder of
this Agreement is not affected by the law, and in lieu of any illegal, invalid, or
unenforceable clause or provision, a clause or provision, as similar in terms to the illegal,
invalid, or unenforceable clause or provision as may be possible and be legal, valid, and
enforceable,will be added to this Agreement automatically.
27. Venue. Venue for any legal action related to this Agreement is in Nueces County, Texas.
28. Sole Agreement. This Agreement constitutes the sole agreement between Corporation and
LiftFund. Any prior agreements, promises, negotiations, or representations, verbal or otherwise,
not expressly stated in this Agreement, are of no force and effect.
29. Survival of terms of agreementand obligations of parties. The terms of this agreement and
the obligation of the parties relating to the Loan Loss Reserve Program and the Interest Buy Down
Program shall survive the termination of this agreement.
[The remainder of the page intentionally left blank]
Page 11.of 12
Agreement LiftFund 2017-2018CC
APPROVED AS TO FORM: day of , 2017.
Assistant City Attorney
For City Attorney
Corpus Christi Business &Job Development Corporation
By
President
Date:
Attest:
By:
Rebecca Huerta
Assistant Secretary
LiftFund, Inc.
By iJ 4111/AP •
J.r le Barrera
President and Chief Executive Officer
Date: A'vvidsr 3o, V-4/7
THE STATE OF TEXAS §
COUNTY OF BEXAR §
This instrument was acknowledged before me on /111yufr 30. , 2017, by Janie
Barrera, President and Chief Executive Offic?r for LiftFund, Inc., a Texas non-profit corporation,
on behalf of the corporation.
Jig... !!i-. _ i
of:ry ;,tr,!� MARY ESIHER HERNANDEZ
State of exas 0. ''k_"dory ESTH ,
;• ;`_ State of texos
o.,'*.;:Comm Expkes 0505.2018
Notary fD 7Lv455.2
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Agreement LiftFund 2017-2018CC
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: October 10, 2017 Legistar#17-1143
Agenda Item:
Resolution approving a Small Business Incentives Agreement between the Corpus Christi Business
and Job Development Corporation and LiftFund, Inc. (LiftFund) to provide a grant up to $250,000 for
their loan buy-down program to assist small business.
Amount Required: $ 250,000
Fund Name Accounting Unit Account Activity No. Amount
No.
Economic Dev Fund 1140-15020-777 530000 $250,000
Total
Certification Not Required
Director of Financial Services
Date: OCT 0 9 2017