18-T-11 - Transfer of funds for operations grant in connection with the Ace Mart Restaurant Supply Co[171771► /_161to 01 Lem EDa91
WHEREAS, pursuant to Ordinance 17 -T -30, the City of Schertz (the "City") adopted the
budget for the City for the fiscal year 2017 -2018 (the "Budget , which provides funding for the
City's operations throughout the 2017 -2018 fiscal year; and
WHEREAS, pursuant to Resolution No. 17 -R -74 the City of Schertz City Council and
the City of Schertz Economic Development Corporation (the "SEDC ") authorized a Performance
Agreement with Ace Mart Restaurant Supply Company (the" Performance Agreement "); and
WHEREAS, the Performance Agreement entitles Ace Mart Restaurant Supply Company
to receive certain economic development grants once they have met certain performance
requirements as outlined in the Performance Agreement; and
WHEREAS, pursuant to the Texas Local Government Code Section 505.159, the SEDC
held a public hearing on August 24, 2017 for the Performance Agreement with Ace Mart project;
and
WHEREAS, according the Performance Agreement and the Schertz Incentive Policy, all
economic development incentives will be paid from the SEDC funds; and
WHEREAS, the Budget transfer is required in the amount of $225,000 from the SEDC's
reserves to the Development Incentive account; and
WHEREAS, the City Council of the City has determined that it is in the best interest of
the City to adjust the Budget and approve the budget transfer for the Operations Grant in
connection with the Performance Agreement with Ace Mart Restaurant Supply Co., as more
fully set forth in this Ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF SCHERTZ, TEXAS:
Section 1. The City shall transfer $225,000.00 from the SEDC's reserves to the
Development Incentives account in connection with the Performance Agreement with Ace Mart
Restaurant Supply Company.
Section 2. The recitals contained in the preamble hereof are hereby found to be true, and
such recitals are hereby made a part of this Ordinance for all purposes and are adopted as a part
of the judgment and findings of the Council.
Section 3. All ordinances and codes, or parts thereof, which are in conflict or
inconsistent with any provision of this Ordinance are hereby repealed to the extent of such
conflict, and the provisions of this Ordinance shall be and remain controlling as to the matters
resolved herein.
Section 4. This Ordinance shall be construed and enforced in accordance with the laws
of the State of Texas and the United States of America.
Section 5. If any provision of this Ordinance or the application thereof to any person or
circumstance shall be held to be invalid, the remainder of this Ordinance and the application of
such provision to other persons and circumstances shall nevertheless be valid, and the City
hereby declares that this Ordinance would have been enacted without such invalid provision.
Section 6. It is officially found, determined, and declared that the meeting at which this
Ordinance is adopted was open to the public and public notice of the time, place, and subject
matter of the public business to be considered at such meeting, including this Ordinance, was
given, all as required by Chapter 551, as amended, Texas Government Code.
Section 7. This Ordinance shall be effective upon the date of final adoption hereof and
any publication required by law.
PASSED ON FIRST READING, the 27th day of February 2018.
PASSED, APPROVED and ADOPTED ON SECOND READING, the 13th day of March
2018.
ATTEST:
G
C: '4A i,-?
Brenda Dennis, City Secretary
(CITY SEAL)
CITY OFRTZ, TEXAS
-2-
R. Carpenter,