AGENDA CAPTION:
Title
Consider approval of Resolution 2018-185R, approving an agreement with the Greater San Marcos Economic Development Corporation (GSMP) for Economic Development Services, providing for payments for such services in the amount of $375,000 per year over a term of three years, with an option to renew for three additional years; authorizing the City Manager to execute the agreement on behalf of the City; and declaring an effective date.
Body
Meeting date: October 1, 2018
Department: CMO - Steve Parker, Assistant City Manager/CFO
Amount & Source of Funding
Funds Required: $375,000
Account Number: Click or tap here to enter text.
Funds Available: Click or tap here to enter text.
Account Name: Click or tap here to enter text.
Fiscal Note:
Prior Council Action: Council adopted Resolution No. 2016-166R, approving an agreement with the Greater San Marcos Economic Development Corporation (GSMP) for economic development services, on November 15, 2016.
City Council Strategic Initiative:
N/A
Comprehensive Plan Element (s):
☒ Economic Development - Diverse Local Economic Environment
☐ Environment & Resource Protection - Choose an item.
☐ Land Use - Choose an item.
☐ Neighborhoods & Housing - Choose an item.
☐ Parks, Public Spaces & Facilities - Choose an item.
☐ Transportation - Choose an item.
☐ Not Applicable
Master Plan:
Vision San Marcos - A River Runs Through Us
Background Information:
The proposed agreement contains the following provisions:
Extends the contract period for three years until September 30, 2021 with an option to renew for another three year term to September 30, 2024 by mutual agreement of the parties.
Returns responsibility for administration of the Economic Development Board, (EDSM), to GSMP.
Provides annual funding in the amount of $375,000.
Council Committee, Board/Commission Action:
The Economic Development Board (EDSM) reviewed the attached draft agreement at their regular meeting, held September 27, 2018, and recommends approval.
Alternatives:
Take no action.
Recommendation:
Staff recommends approval.