Res 2015-147/Trace PID Fire Station Agreement

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AGREEMENT REGARDING FIRE STATION This Agreement Regarding Fire Station (the "Agreement "), is entered into effective as of the day of 015 (the "Effective Date "), by and between Highpointe Trace, LLC (including its successors and assigns, the "Owner "), and the City of San Marcos, Texas (the 'city"). RECITALS WHEREAS, Owner is the owner of a 417.6.3 acre tract of land located in the city limits of the city of San Marcos more particularly described on Exhibit "A" attached hereto the (the "Property "); WHEREAS, Owner intends to develop a master planned mixed -use community on the Property containing a mix of residential and commercial uses to be known as "Trace" (the "Project "); WHEREAS, on September 1, 2015, the City council passed Resolution No. 2015 -116R, which included the statutory findings for creation of the Trace Public Improvement District (the "PID "). The PID will provide a mechanism to fund public improvements / infrastructure for the Project; WHEREAS, the City has determined that in order to provide adequate fire service to the Project, a new Fire Station (herein so called) is required to be built on the Property and that the Project's pro rata share of the projected cost of the Fire Station is $2,500,000 based on an initial estimated cost of $4,000,000, excluding land but including equipment (the "Owner Contribution "); and WHEREAS, the parties now desire to enter into this Agreement to provide the terms under which Owner will provide the Owner's Contribution; NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by both parties, the City and Owner agree as follows: Conditions of Owner Contribution. Owner's obligation to provide the Owner Contribution is contingent on the following: (a) The City shall have approved an Ordinance creating the Trace Planned Development District on the Property (the "PDD "). (b) The City shall have passed a Resolution creating the Trace PID and City and Owner shall have entered into that certain PID Finance Agreement providing for the terms under which the City has agreed to issue up to $19,500,000 of bonds under the PID. (c) The City shall have issued the "Major Public Improvement PID Bonds" pursuant to the terms of the PID Finance Agreement.