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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT <br />Pursuant to Section 1.4.4.1 of the City of San Marcos Land Development Code, this <br />agreement (the "Agreement ") is entered into by and between VertsKebap, Inc. (the "Owner ") <br />and the City of San Marcos, Texas (the "City "). The Owner and the City are collectively <br />referred to as the "Parties." <br />PART 1. RECITALS <br />Section 1.01. The City seeks to promote local economic development and to stimulate <br />business and commercial activity in the City by, among other things, encouraging new in -fill <br />development and job creation in the downtown area. <br />Section 1.02. The Owner is the owner of the real property and improvements at 301 <br />North Guadalupe Street, Suite 154, San Marcos, Texas 78666 (the "Property "). The Property is <br />located within the Central Business Area ( "CBA ") as defined in the City's Land Development <br />Code ( "LDC "). <br />Section 1.03. The Owner has proposed and intends to redevelop the Property by <br />remodeling the existing building and operating a restaurant with an outdoor seating area that will <br />also serve beer and wine for on- premises consumption (the foregoing activities are collectively, <br />the "Project "). <br />Section 1.04. The LDC establishes special conditions for the issuance of a Conditional <br />Use Permit ( "CUP ") for a restaurant serving alcoholic beverages for consumption on its <br />premises. Pursuant to the requirements of Section 4.3.4.2(b)(8) the LDC the Owner is subject a <br />six -month waiting period before beer and wine may be sold from the Property for on- premises <br />consumption. <br />Section 1.05. Section 1.4.4.1 of the LDC authorizes the City Council to grant waivers of <br />certain requirements under the LDC for economic development purposes. The waiting period for <br />the sale of alcoholic beverages for on- premises consumption under Section 4.3.4.2 (b)(8) of the <br />LDC is a major impediments to the Owner's successful execution of the Project and <br />redevelopment of the Property and the Owner, therefore, seeks a waiver of these waiting periods. <br />Section 1.06. The City Council finds that the Owner's request for a waiver complies <br />with the requirements for granting a waiver of certain requirements of the LDC for economic <br />development purposes under Section 1.4.4.1 of the LDC. The City Council, therefore, is <br />amenable to waiving the applicability of the waiting periods to the Project. <br />Section 1.07. In consideration of the mutual benefits stated in the Agreement and the <br />promises of the Parties set forth below, the Parties enter into this Agreement and agree to the <br />terms and conditions set forth in this Agreement. <br />