Res 2016-139/approving an addendum to the chapter 380 economic development incentive agreement between the City of San Marcos, TX and Humpty Dumpty SSM, Ltd

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ADDENDUM TO CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT THE STATE OF TEXAS § COUNTY OF HAYS § This Addendum to Consent and Development Agreement (this "Addendum") is entered into between the between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and Humpty Dumpty SSM, Ltd. (the "Owner"). RECITALS A. City and Owner entered into a Chapter 380 Economic Development Incentive Agreement dated effective as of July 21, 2015 (the "380 Agreement") related to the redevelopment of the Springtown Shopping Center ("Springtown") bounded by IH -35 North, Thorpe Lane and Springtown Way (the "Site") within the full purpose limits of the City. B. Owner may seek a rezoning for all or a portion of the Site to the City's "Vertical Mixed Use (VMU)" zoning designation so that different land uses are permitted in Springtown. Therefore, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties agree as follows: 1. Recitals Incorporated. The foregoing recitals are incorporated herein and made a part of this Addendum for all purposes. 2. Effect of Addendum. City and Owner agree that the provisions of the 380 Agreement, as supplemented by this Addendum, will apply to all or a portion of the Site in the event City approves "Vertical Mixed Use (VMU)" zoning for all or a portion of the Site and Owner sends written notification to City for the terms and conditions of this Addendum to apply to such portion of the Site. In the event of any conflict between the 380 Agreement and this Addendum, the terms of this Addendum will control. 3. Site Redevelopment. Section 3.01 of the 380 Agreement is hereby deleted in its entirety and replaced with the following: 3.01 Site Redevelopment. Owner shall redevelop the site as a Class "A" mixed-use center with compatible architectural, landscaping and signage standards throughout the project. A Class "A" development is commonly known to include new or refurbished buildings with modern infrastructure located in prime locations with good access and professionally managed. Permitted land uses for the project include but are not limited to: multifamily, office, and retail. The redeveloped site will have a tenant mix and finished building, landscape, parking and site improvements designed to attract a tenant mix of users, similar in character to that within the existing developments at 1890 Ranch in Cedar Park, Texas, University Oaks in Round Rock, Texas, and Southpark Meadows in Austin, Texas.