Res 2014-091/Torchy’s 380 Waiver

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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT Pursuant to Section 1.4.4.1 of the City of San Marcos Land Development Code, this agreement (the "Agreement ") is entered into by and between Success Foods Management Group, L.L.C., doing business as Torchy's Tacos ( "Torchy's ") and the City of San Marcos, Texas (the "City "). Torchy's and the City are collectively referred to as the "Parties." PART 1. RECITALS Section 1.01. The City seeks to promote local economic development and to stimulate business and commercial activity in the City by, among other things, encouraging new in -fill development and job creation in the downtown area. Section 1.02. Torchy's seeks to lease the commercial property at 301 North Guadalupe Street (the "Property "). The Property is located within the Central Business Area ( "CBA ") as defined in the City's Land Development Code ( "LDC "). The Property is currently vacant and, thus, is not contributing fully to the life of the CBA or the City's tax base. Section 1.03. Under a lease for the Property, Torchy's has proposed and intends to operate a restaurant with an outdoor seating area that will also serve beer, wine and mixed beverages for on premises consumption (the foregoing activities are collectively, the "Project "). Section 1.04. The LDC establishes special conditions for the issuance of a Conditional Use Permit ( "CUP ") for a restaurant serving alcoholic beverages for consumption on its premises. Pursuant to the requirements of Section 4.3.4.2 (b)(8) of the LDC, Torchy's is subject a six -month waiting period before beer and wine may be sold from the Property for on- premises consumption and a 12 month waiting period before mixed beverages may be sold from the Property for on- premises consumption. Section 1.05. Section 1.4.4.1 of the LDC authorizes the City Council to grant waivers of certain requirements under the LDC for economic development purposes. The waiting periods for the sale of alcoholic beverages for on- premises consumption under Section 4.3.4.2 (b)(8) of the LDC are major impediments to Torchy's successful execution of the Project and redevelopment of the Property and Torchy's, therefore, seeks a waiver of these waiting periods. Section 1.06. The City Council finds that Torchy's request for a waiver complies with the requirements for granting a waiver of certain requirements of the LDC for economic development purposes under Section 1.4.4.1 of the LDC. The City Council, therefore, is amenable to waiving the applicability of the waiting periods to the Project. Section 1.07. In consideration of the mutual benefits stated in the Agreement and the promises of the Parties set forth below, the Parties enter into this Agreement and agree to the terms and conditions set forth in this Agreement.