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<br />I <br /> <br />CHAPTER 380 <br />ECONOMIC DEVELOPMENT AGREEMENT <br /> <br />BETWEEN <br />THE CITY OF SAN MARCOS, TEXAS <br />AND <br />CREEKSIDE SQUARE, LTD <br /> <br />This Chapter 380 Economic Development Agreement (this "Af!Yeement") is entered into <br />between Creekside Square Ltd., 301 Congress Ave. Suite 200, Austin, Tx. 78701, its <br />successors and assigns (the "Owner "), and The City of San Marcos, Texas, a home rule city <br />(the "~The Owner and the City may be referred to jointly herein as "the Parties" and <br />individually as a "Party." <br /> <br />RECITALS <br /> <br />WHEREAS, the City Council of the City has adopted Resolution No. 2006-91R attached <br />as Exhibit "A" ("Resolution "), authorizing the City to make certain economic development <br />grants to the Owner in recognition of the positive economic benefits which will accrue to the <br />City through the Owner's efforts to develop approximately 119.165 acres of land, which is <br />located in the City limits, as more particularly described on the attached Exhibit "I"; and <br /> <br />I <br /> <br />WHEREAS, the City desires to offer incentives to the Owner over a period of time <br />which will enable the Owner to develop the Property as an integrated, planned project <br />("Pro;ect"); and <br /> <br />WHEREAS, the City believes that the Project will contribute to the economic <br />development of the City by generating employment and other economic and social benefits to the <br />City. <br /> <br />NOW, THEREFORE, in consideration of the mutual benefits described in this <br />Agreement, and for other good and valuable consideration, the receipt and sufficiency of which <br />are hereby acknowledged, the City and the Owner agree as follows: <br /> <br />1. <br />Authoritv <br /> <br />I <br /> <br />The City's execution of this Agreement is authorized by Chapter 380, Texas Local <br />Government Code, and by the Resolution and constitutes a valid and binding obligation of the <br />City, subject to the conditions precedent as stated herrein. The Owner's execution and <br />performance of this Agreement constitutes a valid and binding obligation of Owner. The City <br />acknowledges that the Owner is acting in reliance upon the City's performance of its obligations <br />under this Agreement in making its decision to commit substantial resources and money to <br />acquire and develop the Property and Owner acknowledges that City is acting in reliance upon <br />Owner's full and complete performance of its obligations under this Agreement in making its <br />decision to commit substantial resources to this Project. <br /> <br />G'\Chent\Durhman BassettSCM\San Marcos\Ch, 380 Agreement\380 Agreement~lldoc <br />