Res 2015-064/Economic Development Incentive Agreement with San Marcos 123 and 35 Partners Two, L.L.C., that waives certain sign standards under the City’s Land Development Code in order to allow a freestanding pole sign within the San Marcos River corrid

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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT Pursuant to Chapter 380 of the Texas Local Government Code and Section 1.4.4.1 of the City of San Marcos Land Development Code, this agreement (the "Agreement ") is entered into this 2nd day of June, 2015 (the "Effective Date ") by and between San Marcos 123 and 35 Partners Two, L.L.C. ( "Owner "), and the City of San Marcos, Texas (the "City "). The Owner and the City are collectively referred to as the "Parties ". PART 1. RECITALS Section 1.01. The Owner intends to purchase that certain tract of real property located at Luciano Flores Boulevard and the IH -35 North frontage road (the "Site "). A boundary map of the Site is attached hereto as Exhibit A, and made a part hereof for all purposes. Section 1.02. The Owner wishes to develop the Site for commercial restaurant uses that will require on- premise commercial signs. Section 1.03. The Site is located entirely within the San Marcos River Corridor. The City's Land Development Code (the "LDC ") provides that no on- premise sign shall be located within the San Marcos River Corridor except for monument signs, community information signs and government signs. The Site is immediately adjacent to an area that is not located within the San Marcos River Corridor and where an on premise free standing pole sign would be permitted under the LDC. Section 1.04. The Owner seeks a waiver of the restrictions on signs within the San Marcos River Corridor in order to allow a pole sign that will attract restaurants as tenants for the Site. Section 1.05. The City seeks to promote local economic development and to stimulate business and commercial activity in the City. Granting the waiver requested by the Owner will advance the City's interests by attracting new business, creating jobs, increasing sales and property tax revenues and enhancing the image of the City. Section 1.06. For these reasons, and in consideration of the mutual benefits and obligations below, the Parties enter into this Agreement which waives certain LDC requirements for signs in the San Marcos River Corridor. The approval of this Agreement shall not be considered to be a precedent for any future request to construct a sign, other than a monument sign, within the San Marcos River Corridor. PART 2. SITE DEVELOPMENT AND SIGN Section 2.01. Site Development. a. Minimum Capital Investment. Within 18 months after the Effective Date, subject to any extensions due to events of force majeure as defined below, the Owner will make a total capital investment in real property of no less than $1,250,000, and total capital investment in new improvements of no less than $3,000,000 on the Site.