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Home My WebLink AboutC2005-669 - 12/13/2005 - Approved MEMORANDUM OF UNDERSTANDING THE STATE OF TEXAS COUNTY OF NUECES The City of Corpus Christi, Texas ("City"), a home-rule municipality; the Corpus Christi Business and Jobs Development Corporation ("4A"), a Texas industrial development corporation; and the Corpus Christi Regional Economic Development Corporation CEDC"'), a Texas nonprofit corporation, each participate in the economic development activities of the Corpus Christi area. The governing body of each party hereto to more fully define the role of each party in the economic development activities in the Corpus Christi area through this Memorandum of Understanding. approved by each governing body as evidenced below. "City,' as a home-rule municipality. has authority under the Texas Constitution and statutes to create and implement incentive programs designed to promote economic development. "4A."' as an industrial development corporation established under Texas Revised Civil Statutes. Article 5190.6, Section 4A. has authority to expend funds for the promotion and development of new and expanded business enterprises, as follows: a. Education/Skills Development-making grants to companies and organizations to provide training, retraining, and education to insure the knowledge and skills required for the jobs of the future, b. Business Development/lncubation---developing programs and facilities that assist small and start-up companies that have the ability to produce Jobs for the future, and c. Jobs- -assisting companies in the creation of meaningful, wealth producing lobs. "EDC' was organized for the purpose of promoting economic development of the Corpus Christi area through organizing, coordinating, and leading the expansion of the area's economic base through actions and programs that encourage and cause retention, expanSlOn, and recruitment of industrial. manufacturing, distributing, and service employers. "City" and "EDC" has contractually agreed that "City" will pay "EDC" reasonable compensation to provide the following services: a. Create and implement programs and strategies designed to promote the prosperity oL retention of, and expansion of existing industries and business enterprises. b. Aggressively recruit and promote the Corpus Christi Bay area to prospects for new industries and business enterprises, particularly those which \vould substantially increase employment. 2005-069 12/13/05 \:12005-424 ED( c Negotiate, subject to the approval of the City Council of "City" or other applicable jurisdictions, attractive, sound, and economically viable incentives designed to foster the maintenance and expansion of existing industries and business enterprises as well as the inducement of new ones. d. Advise and update "City" of "EOC's" status and progress on a quarter!) basis. ..: Undertake, from time to time. contingent upon both finding and resources, and at the direction of "EOC' s" board of directors: I developing information and conducting research on area and regional economics, finance, education and training, housing, planning, development, and other similar areas of public concern which are deemed necessary to further its efforts; and / assisting in the dissemination of pertinent local information by using a broad range of delivery vehicles as deemed prudent and effective; f Conduct any and all other lawful activities which aid, assist, and encourage the economic prosperity and development of "City." "4A" has authorized the following business incentives: a. land. facilities, equipment and infrastructure grants, b. loan participation/guarantees. c. direct low interest loans. d. rent subsidies. e. relocation and moving expense grants, and f job training grants/loans. The parties hereto agree that "EDC" will be the lead agency to perform the following activitIes for economic development: a. "Eoe" will be the conduit for all primary/base employers interested in local assistance from "City" or "4A." b. "EOC" will prepare a proposal for each project and include information on the company, industry, markets, and products. Each proposal will document job creation and capital investment numbers for inclusion in the proposal. c. "EDC" will suggest a proposed deal structure. d. "EOC" will prepare an economic and fiscal impact analysis of the project. e. "EOC" will secure an independent analysis of the company's financial strength relative to industry standards. f "EDC" will assist "City's" legal department in developing the necessary performance agreements. g. "EDC" will conduct performance audits (compliance testing) annually and report findings to "City" and "4A" as appropriate. h. "EDC" will conduct other investigations and prepare other reports necessary for the determination of a project's or company's eligibility for economic development assistance or continuation of assistance from "City" and/or "4A." "City" and ''4A'' will rely on the information provided by "EDC" in making a determmation of whether to grant or deny any economic assistance requested by a company or for a project. This Memorandum of Understanding will continue in effect until modified by mutual agreement of the parties evidenced by action of each party's governing body. Any party to this Memorandum of Understanding may terminate this Memorandum of Understanding by giving sixty (60) days notice of its intention to so terminate to the other parti es hereto. All notices required or permitted hereunder shall be in writing and shall be deemed delivered when actually received or. if earlier, on the third day following deposit in a lJnited States Postal Service post office or receptacle with proper postage affixed (certified mail. return receipt requested) addressed to the respective other party at the address described below or at such other address as the receiving party may have theretofore prescribed by notice to the sending party: "City" City of Corpus Christi, Texas City Manager P. O. Box 9277 120 I Leopard Drive Corpus Christi. Texas 78469 --4A' Corpus Christi Business & lob Development Corporation President 1201 Leopard Drive P. O. Box 9277 Corpus Christi. Texas 78469 --EDC" Corpus Christi Regional Economic Development Corporation President One Shoreline Plaza 800 N. Shoreline, Suite 1300 South Corpus Christi. Texas 78401 The relationship of "EDC" to "City" and "4A" shall be that of an independent contractor. "City" and "4A" shall have no authority to direct the day-to-day activities of any of "EDe's" personnel decisions, and shall have no other rights to internal working papers or other information or data than "EDC" would have to any other independent contractor providing specific services (e.g. museum services, weed cutting, legal services, auditors). Without in any way limiting the generality of the foregoing, it is specifically acknowledged and agreed that "EDC" has bargained for the confidentiality of all internal information and data that it generates. other than that required to be submitted to "City" and "4.\" pursuant to this Memorandum of Understanding. in order to foster and promote competition. to assure the integrity of the competitive process. and to protect proprietary or innovative business strategies and concepts. This Memorandum of Understanding shall bind and benefit "EDC," "City," and "4A" and shall not bestow any rights upon any third parties. This ~lemorandum of I Jnderstanding was approved by "EDC' Board of Directors at its meeting held on_, zU1 ~_ .2005. This Memorandum of Understanding was approved by "4A" Board of Directors at its meeting held on _ --' ~: 5___.2005. This Memorandum of 1: inderstanding was approved by "City" City Council at its meeting held on~_J~DL_. 2005. IN WITNESS WHEREOF. the parties have made and executed this Memorandum of Un erstanding in multiple copies. each of which shall be an original, on this the lLday of .200) City of Corpus Christi. Texas \ ~~ G rge K. Noe, City M~nage~- __._d . A TTE~r: f()2W5:~ ~~:\U; j"iUi<lLl., ; . ;"~i.,... ___..J 2{nL~.s ," _._-_....__.....~ ,.."".... "V' ..'.1"'f7fJ '~.r"l :~f:, j =~.. V~ I J r} LJ, .~~ ~-"-~-~--;..e---- Armando Chapa. City Secretar:- Corpus Christi Business & lob Development Corporation _u" .~" \ l(lrl ~'-o/F ,,', '\~ President ' , ' , , __J (/ . A TrEST: ;. I> ! ~ '. / j, t i~/!1. D: " . c, ~ ,- I'-MA ,q , ~ -/; \-~ , '., ' -'S:'- _ ,,~lf7;t:1;tA~~~__ Secretary Corpus Christi Regional Economic Development Corporation ,-, /.) IU~-- ~,-_..,.,----_._,_._----~-- Roland C. Mower, President & CEO ATTEST: " . _---7 .~...,---It'J /; f. \' L /. ~I C~f tt.u..~~:>Z-'-- _ Secretary