1996-092FILE REFERENCE FORM [ 96-092 ]
Additional File Exists
Additional File Contains Records Not Public, According to the Public Records Act
Other
FILE(S) Date Initials
Superceded by Consolidation Amendment Agreement approved by
Ordinance No. 97-298 10/07/1997 )P.
E \WPDOCS\ORD\CHAMBER 3
ORDINANCE NO q&-09A
AMENDMENT NO 3 TO AN AGREEMENT BETWEEN THE CITY OF DENTON, THE
DENTON CHAMBER OF COMMERCE, AND THE ECONOMIC DEVELOPMENT
CORPORATION OF DENTON, INC FOR THE PURPOSE OF PROVIDING A PROGRAM
TO PROMOTE ECONOMIC DEVELOPMENT, AND PROVIDING AN EFFECTIVE DATE
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS
SECTION I That the Mayor, or in his absence, the Mayor Pro-
Tem, is hereby authorized to execute Amendment No 3 to an
Agreement between the City of Denton, the Denton Chamber of
Commerce, and the Economic Development CorporatIon of Denton, Inc ,
as amended, for the purpose of providing for a program to promote
economic development ("Agreement"), and transferring certain
municipal funds for the purpose of economzc development from the
Denton Chamber of Commerce to the Economic Development Corporation
of Denton, Inc , under the terms and restrictions contaIned in the
attached agreement, a true and correct copy of which is attached
hereto and incorporated by reference here~n
SECTION II That the City Manager is hereby authorized to
make any expenditures of funds, take action to assure the
accounting of said funds, and that the transfer of sazd funds ~s
made ~n accordance wzth the attached Agreement
SECTION III That th~s ordinance shall become effective
immediately upon its passage and approval
PASSED AND APPROVED this the Q~ day of ~, 1996
ATTEST
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM
HERBERT L PROUTY, CITY ATTORNEY
STATE OF TEXAS §
§ KNOW ALL MEN BY THESE PRESENCE
COUNTY OF DENTON §
AMENDMENT NO. 3 TO THE AGREEMENT BETWEEN THE
CITY OF DENTON ANDDENTON CHAMBER OF COMMERCE
Thls third amendment to that certain agreement for a program
to promote economic development entered into the 15th day of
August, 1989 by and between the City of Denton, Texas, a Texas
municipal corporation ("City"), the Denton Chamber of Commerce, a
Texas non-profit corporation ("Chamber"), and the Economic
Development Corporation of Denton, Inc ("EDC") as amended,
WHEREAS, on August 15, 1989, the City and the Chamber entered
into an agreement for an economic development program {"Agree-
ment''), a copy of which is attached hereto as Exhibit "A", and
WHEREAS, on August 2, 1994, the City and the Chamber entered
Into that first amendment to the Agreement, a copy of which is
attached hereto as Exhibit "B", and
WHEREAS, on August 15, 1995, the City and the Chamber entered
into that second amendment to the Agreement, a copy of which is
attached hereto as Exhibit "C", and
WHEREAS, on April 2, 1996, the City passed a resolution
authorizing the creation of the EDC, approving Articles of
Incorporation and Bylaws for said EDC, consistent with the
Development Corporation Act of 1979 (art 5190 6 Vernons Ann Tex
Clv Stat ) (the "Act"), and
WHEREAS, the City, the Chamber, and the Board of Directors of
the EDC wish to amend the Agreement to set out the relationships
between the parties, NOW, THEREFORE, IN CONSIDERATION OF THE
COVENANTS AND CONDITIONS HEREIN SET FORTH
ARTICLE I
That the City and the Chamber hereby amend Article I "Office
of Economic Development" of the Agreement, as amended, to read as
follows
I Office of Economic Development Created
During the term of this Agreement, the EDC shall maintain an
Office of Economic Development ("Off~ce"), and shall perform
all economic development functions, ~nclud~ng all those tasks
and charges set forth in this contract, as amended The EDC
may contract with the Chamber to perform promotional and
marketIng functions and any other economic development
functions that the EDC deems necessary, provided its expendi-
tures for promotional purposes shall not exceed ten percent
(10%) of the EDC's revenues derived from the economic develop-
ment sales and use tax or received d~rectly from the C~ty of
Denton in accordance with §4A(b) (1} of the Act The EDC may
contract with the City for financial, administrative, legal,
and other munzczpal servzces as needed by the EDC
ARTICLE II
That the City and the Chamber hereby amend Article II
"Economic Development Committee Created" of the Agreement, as
amended, by adding a new paragraph to the end of Article II, which
shall read as follows
Immediately upon the creation of the EDC, the EDC shall
perform all those tasks and charges set forth ~n Article II,
as amended by the second amendment to the Agreement between
the City of Denton and the Denton Chamber of Commerce, which
have not already been performed by the Chamber The EDC may
contract w~th both the Chamber and the City, as well as w~th
outside consultants or any other entity to perform all or a
port,on of sa~d tasks and charges
ARTICLE III
That the City and the Chamber hereby amend Article IV "Support
Services and Funding" of the Agreement, as amended, to read as
follows
IV Support Services and Funding
The EDC shall provide the office space, equipment, and support
staff necessary to the operations of the office, provided, the
EDC, as ~ndlcated above, may contract w~th the C~ty, Chamber,
or other parties to provide these services and facilities
Immediately upon the formation of the EDC, the Chamber will
transfer to the EDC all funds previously received d~rectly
from the City of Denton for economic development purposes
The EDC shall maintain such finds in a separate segregated
account The EDC may contract with the Chamber to provide
marketing and promotional functions, and for any other
economic development services the EDC deems necessary The
EDC may not utilize any of such funds for political advertis-
ing, contrary to §255 003 of the Election Code to promote
e~ther the proposed August 10, 1996 sales and use tax elect~on
for economic development, or any subsequent sales and use tax
election, except to provide communications that factually
describe the purpose of the measure, if the communication does
not advocate passage or defeat of the measure
The C~ty may provide additional funding, as approved ~n the
City's budget, which shall be adopted on or before the 20th of
September of each year Of the amount appropriated for each
year, the City may pay the EDC one-half on October 1st, and
the remaining half shall be paid on the following April 1st
Thereafter, the City may provide annual funding in the amount
appropriated for that purpose by the City Council
Any funds provided by the City, pursuant to th~s Agreement,
shall be retained ~n an account separate and segregated from
Page 2
the EDC's general operating fund, including any sales tax
revenues which may be received, and shall only be used for the
purposes provided for in this Agreement and in the EDC's Artl-
c,les of Incorporation and Bylaws, or in any subsequent agree-
ment between the EDC and the City The EDC shall keep current
and accurate records of all funds received and expended, in
accordance with sections VII and VIII of Its Bylaws, which
records shall be subject to inspection by the City at all
reasonable times The EDC shall provide monthly status re-
ports to the City on the progress of the economic development
program, which shall include a description of expenditures
made with funds appropriated by the City Annually, during
the budget process, the EDC shall submit a program budget
request to the City Manager The City shall then evaluate the
progress of the EDC economic development program and, at that
time, determine whether to make appropriations to support the
EDC's economic development efforts the following fiscal year
Special studies, research, travel expenditures, and operation-
al expenses, lncludln9 City administrative expenses relating
to support of the EDC, may be funded as a line item in the
1996-97 EDC budget
The Chamber will remain accountable and liable under the
conditions of the Agreement, as amended, up to the time that
the EDC is formally established and legally in operation, and,
through the direction of the Chamber president, shall be
responsible for fiscal management, disbursement of funds, and
the supervision of economic development Chamber staff fulfill-
ment of all program goals At such time as the EDC is
formally established and in operation, the EDC shall be
responsible and remain accountable and liable for all obliga-
tions of the economic development program
ARTICLE IV
That this Agreement shall be effective when it is executed and
ratified by the EDC, through the dually authorized signature of its
president of its board of directors
ARTICLE V
That save and excegt as amended hereby, all of the terms,
conditions, sections, sentences, paragraphs, and phrases of the
Agreement, as amended, shall remain in full force and effect
IN WITNESS HEREOF, the City of Denton, Texas has caused this
Agreement to be executed by ~ts duly authorized Mayor, the Denton
Chamber of Commerce has caused this Agreement to be executed by its
duly authorized President as authorized by its Board of Directors,
and the Economic Development Corporation of Denton, Inc has caused
this Agreement to be executed and ratified by its duly authorized
President on this the _~ day of ~y , 1996
Page 3
CITY OF DENTON, TEXAS
JACK MIL~, MAYOR
ATTEST
JENNIFER WALTERS, CITY SECRETARY
HERBERT L PROUTY, CITY ATTORNEY
/
CHAMBER · OF COMMERCE
ECONOMIC DEVELOPMENT CORPORATION
OF DENTON, INC
PRES~DkNT /
E \WPDOCS\K\CHAMBER 3-2
Page 4
1616L EXHIBIT "A"
THE STATE OF TEXAS ~ ECONOMIC DEVELOPMENT PROGRAM
AGREEMENT BETWEEN THE CITY OF DENTON
COUNTY OF DENTON ~ AND THE DENTON CHAMBER OF COmmERCE
Thls Agreement is made between the City of Denton, Texas,
("City"), and the Denton Chamber of Commerce ("Chamber") for the
purpose of providing for a program to promote economic develop-
ment through the joint effort of the parties hereto, who, in
consideration of their mutual promises, agree as follows
1. O£fice of Economic Development Created. During the term
of th~s Agreement, the Chamber shall create and maintain an
Office of Bconomlc Development. A D~rector of Economic Develop-
ment ("Director"), shall be hired as a full-time employee of the
Chamber to perform the duties of the Office.
2. Economic Development Committee Created. In order to
promote a program for economic development, the parties agree
that an Economic Development Committee ("Committee") w~11 be
established. The members of the Committee, who shall represent
the d~verse interests of the community, shall be appointed by
the Chamber's Board of D~rectors, but shall include one member
o£ the C~ty's Public Utility Board, two members of the City
Council and two employees of the City, as designated by the City.
The Chamber President shall have the authority to hire the
Director of Economic Development with the approval of the
Committee. Rhe Chamber President shall supervise the da~ly
activities of the D~rector and may terminate the Director The
Committee shall approve the appointment of the person to serve
as Director of Economic Development, and act ~n an advisory
role to the Director appointed.
3. Duties o£ Office The duties of the Office of Economic
Development shall include the following
a) Preparation, in consultation with the Committee,
of a written comprehensive Economic Development
Plan ("Plan") to be approved by the Chamber's
Board of Directors and City Council.
b) Annual rewew and amendment, as necessary, in
consultation with the Committee, of the Plan. To
become effective, any amendments to the Plan shall
be approved by the Chamber's Board of Directors
and the C~ty Council
c) Maintenance of a liaison with the Texas Industrial
Commission and other public and private agencies
and organizations that would promote the purpose
of the Plan.
d) Preparation and maintenance of a comprehensive
fact book and other publications that would
provide Information to interested persons as to
the City's population, employment base, private
and public institutions and facilities, and other
significant characteristics and resources of the
City.
e) To initiate and maintain contact with, and make
presentations to, desirable industrial prospects
so as to promote their interest in locating
within the area.
f) To advise the City of the progress of the Plan at
such times as requested by the City. To this end,
the Office will provide monthly program reports
to the City through the minutes of the Chamber's
Board Meetings. Quarterly reports that include
the sources of expenditure of funds, major pro-
jects, number of industrial prospects who visited
Denton and industries locating in Denton will be
presented to the Denton City Council, Public
Utility Board and such other groups as the parties
may determine.
4. Support Services and Funding. The Chamber shall provide
the office space, equipment and support staff necessary to the
operations of the Office of Economic Development. The City
shall, during the first year of this Agreement, provide funding
in the amount of Thirty-three Thousand Four Hundred Thirty-nine
Dollars ($33,439), when, and if, matching funds from other
public or private sources in the amount of Sixty-six Thousand
Eight Hundred Seventy-slx Dollars ($66,876) or more, are
provided to the Office of Economic Development. Thereafter, the
City shall provide annual funding in the amount appropriated for
that purpose by the City Council.
Any funds provided by the City pursuant to this Agreement
shall be retained in an account separate from the Chamber's
general operating fund and shall only be used for the purposes
PAGE 2
provided for in this Agreement. The Office of Economic Deve-
lopment shall keep current and accurate records of all funds
received and expended, which shall be subject to inspection by
the City at all reasonable times. A monthly financial statement
showing all current revenues and expenditures of the Office
shall be provided to the City in the Chamber's monthly Board
Packet.
S. Status of Office. The Office of Economic Development
created under this Agreement shall be under the direct super-
vision and control of the Chamber and all personnel of the
Office shall be considered employees or agents of the Chamber
The Chamber shall be responsible for the payment of all benefits
or liabilities of such employees or agents, including the
withholding or payment of personal income or social security
taxes, as provided by applicable law, and the payment of
worker's compensation premiums. The Chamber shall maintain
policies of insurance in the minimum amounts required by law to
protect against llablllty arising from the operation of any
vehicles used by employees of the Office and the Chamber agrees
to defend against, and indemnify and hold the City harmless from
any claim arising from any negligent act of such employees.
6. Term~ Termination. This Agreement shall be effective for
a term of one (1} year from the execution hereof, and shall be
automatically renewable for successive period of one year with-
out the necessity of any action on the part of the parties
hereto, unless during any successive term, the City shall, after
the initial funding provided for herein, fall to appropriate
funding for any successive year, in which case this Agreement
shall terminate. In any case, however, either party may
terminate this Agreement by giving written notice to the other
thirty (30) days advance notice, in which case any unexpended
funds provided by the City shall be returned to the City.
RAY ST~PHENS~~v ~ MAYOR
CITY Ow DENTON, TEXAS
PAGE 3
ATTEST.
CHARLOTTE ALLEN, CITY SECRETARY
CITY 0F DBNTON, TEXAS
APPROVED AS TO LEGAL FORM:
DEBRA ADAMI DRAYOVITCH, CITY ATTORNEY
CITY OF DENTON, TEXAS
DENTON CHAMBER OF COI~IERCE
~y ,~ -,~,/.,.
/
PAGE 4
EXHIBIT "B"
~ENDHENT NO, I TO ~,GREEHENT BETWEEN
THE CITY OF DENTON ~D THE DENTON CHamBER OF COH~ERCE
WHEREAS, on August 15, 1989, the City of Denton, Texas ("City")
and the Denton Chamber of Commerce ("Chamber") entered into an
Agreement for an economic development program ("Agreement"), a copy
of which is attached hereto as Exhibit "A"~ and
WHEREAS, the Chamber has requested funding for the purpose of
conducting an analysis of Denton's competitive marketing capabili-
ties and the City wishes to amend the Agreement to provide for such
analyses~ NOW, THEREFORE:
WITNESETH:
ARTICLE I.
That the city and the Chamber hereby amend Article 3 of the Agree-
ment to read as follows:
3. ~. The duties of the office of Economic
Development shall include the following:
(a) Preparation, in consultation with the Committee, of a
written comprehensive Economic Development Plan (',Plan") to
be approved by the Chamber's Board of Directors and City
Council.
(b) Performance of an annual review and amendment, as neces-
sary, in consultation with the Committee, of the Plan. (To
become effective, any amendments to the Plan shall be
approved by the Chamber's Board of Directors and the City
Council.)
(c) Maintenance of a liaison with the Texas Department of Com-
merce and other public and private agencies and organiza-
tions that would promote the purpose of the Plan.
(d) Preparation and maintenance of a comprehensive fact book
and other publications that would provide information to
interested persons as to the city's population, employment
base, private and public Institutions and facilities, and
other significant characteristics and resources of the
City.
(e) Initiation and maintenance of contact with, which shall
include making presentations to, desirable industrial
prospects so as to promote their interest in locating
within the area.
(f) Render advice to the City of the progress of the Plan at
such times as requested by the City. To this end, the
Office will provide monthly program reports to the City
through the minutes of the Chamber's Board meetings. The
Office will also present quarterly reports that include the
sources of expenditure of funds, major projects, n~mber of
industrial prospects who visited Denton and industries
locating in Denton to the Denton City Council, Public
Utilities Board and such other groups as the parties may
determine.
(g) The conduct or commission of studies for the purpose of
special analysis or research to enhance the City's market-
ing capabilities, as identified and mutually agreed upon by
City and Chamber.
ARTICLE II.
That Article 4 be amended by the addition of a new paragraph, which
shall be and read as follows:
With respect to the services described in Article 3 (g),
the city shall reimburse the Chamber for one-half of the
cost of conducting an economic analysis for the purpose of
enhancing the City,s marketing capabilities~ provided,
however, that the reimbursement shall not exceed the sum of
$25,000.
ARTICLE III.
In all other respects, the terms and conditions of the Agree-
ment, as executed by the parties on the 15th day of August, 1989
shall remain in full force and effect.
this ~~d day of ~, 1994.
EXECUTED
CITY OF DENTON, TEXAS
ATTEST ~
JENNIFER WALTERS, CITY SECRETARY
PAGE 2
APPROVED AS TO LEGAL FORM.'
DEBRA A. DRAYOVITCH, CITY ATTORNEY
~ DENTON CHAMBER OF COMMERCE
CHARLES W. , PRESIDENT
E \k, PDOC$\IC\CH.~BER A~D
PAGE 3
EXHIBIT "C"
AMENDMENT NO. 2 TO THE AGREEMENT BETWEEN
CITY OF DENTON AND THE DENTON CHAMBER OF COERCE
THE STATE OF TEXAS §
COUNTY OF DENTON §
This Second Amendment to that certain agreement for a program
to promote economic development entered into the 15th day of
August, 1989 by and between the City of Denton, Texas, a Texas
municipal corporation ("City") and the Denton Chamber of Commerce,
a Texas non-profit corporation (,,Chamber"), as amended
WHEREAS, on August 15, 1989, the City and the Chamber entered
into an Agreement for an economlc development program ("Agree-
ment''), a copy of which is attached hereto as Exhibit "A", and
WHEREAS, on August 2, 1994, the City and the Chamber entered
· nto that First Amendment to the Agreement, a copy of which is
attached hereto as Exhibit "B"; and
WHEREAS, the City and the Chamber will mutually cooperate to
create an Economic Development Transition Committee ("EDTC") for
the purpose of researching and recommendlng the best structure for
an Economic Development Corporation ("EDC") and to develop the
charge to the EDC
ARTICLE I
That the City and Chamber hereby amend Article i "Office of
Economic Development" of the Agreement as amended, to read as
follows
1 Office of Economic Development Created During the term of
this Agreement, the Chamber shall maintain an Offzce of
Economic Development ("office")
ARTICLE II
That the City and Chamber hereby amend Artzcle 2 "Economic
Development Commzttee Created" of the Agreement, as amended, to
read as follows
2 Economic Development Transition Committee Created In order
to promote a program for economic development, the parties
agree that an Economic Development Translt~on Committee
("EDTC") will be established and seated no later than October
1, 1995, unless th~s date is extended by mutual agreement of
the part~es The members of the EDTC, who shall represent the
diverse interests of the community, shall be composed of seven
persons, four of whom w~ll be appointed by the C~ty Council
and three of whom wlll be appointed by the Board of D~rectors
of the Chamber No employee of the C~ty or the Chamber and no
elected official shall be appointed to the EDTC The members
of the EDTC shall select one of their members as chair and
shall adopt their own rules of procedure The EDTC will
replace the current Economic Development Advisory Board
("Board") and assume all responsibilities, duties and author-
lty previously assigned to the Board
In addition, the EDTC ~s charged w~th accomplishing the
following tasks
a) Develop Economic Development Corporation ("EDC") mis-
sion/operating pr~nclples
b) Study other economic development charters and make
choices of posltlve aspects of each that would lend to
success of EDC
c) Tour the most successful EDC's in country and document
recommendation of best structure and outline results-
oriented goals
d) Determine long-range financing of economic development
program and EDC operation Assess potential success and
funding opportunities under both Sections 4A as well as
4B of Article 5190 6 Vernons Tex Civil Statutes to
ensure all opportunities under the law are reviewed If
positive, develop strategy and campalgn, and make
recommendation to C~ty Councll to call elect~on
e) Define roles with regard to f~nanc~al responsibility and
authority of economic development flnanclal contributors
(1 e , ~nvestors, City Council, Public Utility Board)
f) Obtain counsel for promulgation of charter for EDC
Page 2
g) Present justification for corporation charter at 3olnt
meeting of City Council and Chamber of Commerce
h) Present justification for long-range financing of EDC
programs at joint meeting of City Council and Chamber of
Commerce
Draft internal operating policies for final adoption by
the EDC
]) Recommend detailed line item operations budget for first
year activities related to establishment of EDC
k) Hire experts/consultants for expedItious and professional
implementation of short term ob]ectlves, 1 e , financial
analyses, team building, and economic development
consultants econometric models
1) Develop economic development program operational perfor-
mance indices
m) Continually work at strengthening coalition with inves-
tors of economic development program
n) Develop and provide written bi-monthly status reports
reporting on the progress of the above-mentioned tasks,
and on expenditures to the date of the report Provide
the Chamber, Board, and the City Council with a written
report, no later than January 31, 1996, unless that date
is extended by mutual written agreement of the parties
That report must have the EDTC's recommendations and
findings concerning the formation of an EDC, thereby
completing charges (b), (c), and (g) on page two of this
agreement
o) If the EDTC concludes that the formation of the EDC is
justified and in the best interest of the entire communi-
ty, it shall provide the Chamber Board and City Council
with a written final report, no later than March 31,
1996, unless that date is extended by mutual written
agreement of the parties, with recommendations and
findings regarding the remainder of the charges The
Page 3
final report will include, without limitation, recommen-
dations for the proposed organizational structure, a
proposed budget for the EDC, a final draft of the
charter, and an analysis of the one-half cent sales tax
as a funding option, as well as an analysis of other
funding options
The EDTC will also be responsible for the development of
the charge to the formal EDC including, without limitation,
the following
a) Conduct oral interviews with City Council members and
Chamber Executive Board members for purposes of annual
EDC effectiveness assessment
b) Determine appropriate physical location for EDC headquar-
ters
c) Conduct recruitment and make selection of CEO
d) Hire experts/consultants for expeditious and professional
implementation of short term objectIves, 1 e , financial
analyses, econometric models, land planning, development
specialists, engineering, public relations, team build-
lng, and economic development consultants
e) Develop and implement five-year strategic plan
f) Set measurable first year goals and establish priorities
for tasks
g) Prepare pay structure, organizational design, ]ob
descriptions, performance measures and incentives
h) Monitor performance results and conduct performance
reviews of CEO
i) Develop annual operating business plan and maintain
performance indices Review quarterly and make adjust-
ments
Page 4
]) Continually work at strengthening coalition with inves-
tors of economic development program
k) Adopt internal operatIng policies
1) Publish annual performance report
m) Analyze and publish cost/benefit of efforts
n) Develop periodic comparative analyses, 1 e , land
purchases, infrastructure expenditures, etc
o) Establish business retention and account management
activities
p) Develop and market lndustr~al parks
q) Meet w~th ma]or land owners/developers to determine
desire, ~nterest and plans for development
r) Obtain firm market prices on parcels of land available
for industrial development
s) Send requests for proposals to national brokers for
development of ~ndustr~al parks
t) Purchase, if appropriate, land and develop specific
buildings to meet goals
u) Establish l~nkages with higher educataon institutions and
implement strategaes to better leverage university
research and educational assets
v) Interview corporate CEO's and ~nvlte input to process and
survey as to need for customized training programs
w) Establish technical training center
x) Establish brand image and develop marketing campaign
y) Establish and strengthen strong t~es and relationships
with Dallas and Fort Worth chambers and the North Texas
Page 5
Commission
z) Participate actively ~n metroplex MIDAS group
aa) Develop f~rst-class marketing video
bb) Conduct hlgh profile events (1 e, golf/tennis tourna-
ments, symphony/theater events) for stockholders and
development contacts and periodic special events/tours
for metroplex and national brokers and relocation
consultants
cc) Conduct at least one international marketing tour each
year
ARTICLE IV
That the City and Chamber hereby amend Article 4 ,,Support
Services and Funding" of the Agreement, as amended to read as
follows
4 Support Services and Fundln~ The Chamber shall provide the
office space, equipment and support staff necessary to the
operations of the Office The City shall provide funding as
approved in the Czty's budget whzch shall be adopted on or
before the 20th day of September of each year Of the amount
approprlated for each year, the Clty shall pay the Chamber
one-half on October 1st and the remaznzng half shall be paid
on the followzng Aprzl 1st Thereafter, the City shall
provide annual funding in the amount appropriated for that
purpose by the Clty Counczl
Any f~nds provzded by the Clty pursuant to this Agreement
shall be retained in an account separate from the Chamber's
general operatzng fund, and shall only be used for the
purposes provided for in this Agreement The Office shall
keep current and accurate records of all funds recezved and
expended, whzch shall be subject to znspectzon by the Czty at
all reasonable tzmes
The Chamber Economic Development Office shall provzde
monthly status reports to the Czty on the progress of the
Page 6
Economic Development Program, which shall include a descrip-
tion of expenditures of the Office made with funds appropriat-
ed by the City Annually, during the budget process, the
Chamber shall submit a program budget request to the City
Manager The City shall then evaluate the progress of the
Chamber Economic Development Program and, at that time,
determine whether to continue appropriations to support the
Off~ce the following fiscal year
Special studles, research, travel expenditures and
operational expenses, ~nclud~ng City adminIstrative expenses
relating to support of the Economic Development Transition
Committee, will be funded as a line item in the 1995/96
Chamber Office of Economic Development budget
Until such time as the Economic Development Corporation
is formally established and in operation, the Chamber w~ll
remain accountable and liable, through the direction of the
President, for fiscal management, dIsbursement of funds, and
supervision of Economic Development Chamber staff and fulfill-
ment of the original program goals
ARTICLE V
That save and except as amended hereby, that all the terms and
conditions, sections, sentences, paragraphs, and phrases of the
Agreement, as amended, shall remain in full force and effect
IN WITNESS HEREOF, the City of Denton, Texas has caused this
Agreement to be executed by 1ts duly authorized Mayor, and the
Denton Chamber of Commerce has caused this Agreement to be executed
duly authorized Chairman of its Board of Directors on this
day of ~' 1995
Page 7
ATTEST
JENNIFER WALTERS, CITY SECRETARY
HERBERT L PROUTY, CITY ATTORNEY
Charles W- CarDe4er
ATTEST President
Page 8