01-11-10 Special Called Regular Meeting of the La Porte Development Corporation minutes

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AGREEMENT THIS AGREEMENT FOR ECONOMIC DEVELOPMENT SERVICES ("Agreement"), as described in PROPOSAL (Exhibit A) TO THE CITY OF LA PORTE is made effective as of the Effective Date (defined below) between the City of La Porte ("City") and the Bay Area Houston Economic Partnership ("Contractor"), a Texas 501 (c)(6) not for profit organization. Contract Term: This Agreement is effective on the Effective Date and remains in effect for three (3) years thereafter, unless sooner terminated under this agreement. Services: Contractor agrees to provide the services described in Exhibit A. Pavment Term: The City shall pay $20,000 per year, in semi-annual installments, for Contractor's economic development services rendered under this Agreement. Initial payment to Contractor is due within thirty- (30) days of the Effective Date. Effective Date: This Agreement shall be effective as of January 1,2010. Termination for Convenience bv the City: The City may terminate this Agreement at any time by giving 30 days' written notice to Contractor. The City's right to terminate this Agreement for convenience is cumulative of all rights and remedies, which exist now or in the future. On receiving the notice, Contractor shall, unless the notice directs otherwise, immediately discontinue all services under this Agreement and cancel all existing orders and subcontracts that are chargeable to this Agreement. As soon as practicable after receiving the termination notice the City shall then honor payment terms for services rendered under this agreement unless the fees exceed the allocated funds remaining under this Agreement. TERMINATION OF THIS AGREEMENT AND RECEIPT OF PAYMENT FOR SERVICES RENDERED ARE CONTRACTOR'S ONLY REMEDIES FOR THE CORPORATION'S TERMINATION FOR CONVENIENCE, WHICH DOES NOT CONSTITUTE A DEF AUL T OR BREACH OF THIS AGREEMENT. CONTRACTOR 1