Pharr, EDC cancel big-$$$ MOU with SA-based D&M Ventures LLC
Tue, 2016-07-05 21:07
News Staff
By G. Romero Wendorf
PHARR – Prior to June 20th, D&M Ventures LLC had a big-money MOU (memorandum of understanding) in place with the Pharr EDC (Economic Development Corporation) and the city.
For the San Antonio-based company’s president, David Marquez, things were indeed looking rosy, considering that if the MOU had eventually turned into a signed contract, it would have represented three developments each worth $1.5 million in developer’s fees.
Not bad work if you can get it.But on June 20th, Marquez got some bad news: his MOU had been cancelled by both the EDC and the city during their respective regular meetings. First one hammer dropped, and then the other.
For the uninitiated, a memorandum of understanding is a bi-lateral or multi-lateral agreement between two or