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<br /> 117 <br />STATE OF TEXAS <br /> AGREEHENT <br />COUNTY OF HAYS <br />KNOW ALL PERSONS BY THESE PRESENTS: <br /> This Agreement is made and entered into as of <br />February 12 , 19 85 , by and between the City of San <br />Marcos, Texas, (Dereinafter referred to as "City) a municipal <br />corporation existing by and under the laws of the State of <br />Texas, acting through authority conferred on its Mayor, Emmie <br />Craddock, by resolution duly adopted on February 11 , <br />19~, and R.C. Hoppe and Ken Rice (hereinafter referred as <br />Owners). <br /> Owners R.C. Hoppe and Ken Rice agree to comply with all <br />IRS regulations promulgated to clarify IRC§l03 for the <br />duration of the Industrial Development Bonds issued for the <br />development of San Marcos Ranch, a multi-family rental <br />residential development consisting of approximately 228 units <br />to be located on 13 acres on Ranch Road 12, between San <br />Marcos Academy and Old San Marcos Academy, San ~1arcos, Hays <br />County, Texas. Specifically, Owners agree to rent 20% of the <br />units of the development to low-income families (as defined <br />by the Secretary of the Treasury) at a rate at least 10% <br />below the rental rate of the other comparable units in the <br />development. <br />