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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Storage rental facilities shall be permitted at Springtown, within the former Target building, provided that access to such facility is taken only from the building frontage adjacent to the railroad right-of-way. No outside storage shall be permitted. The south- and west -facing exterior facades of the building used for storage rental facilities shall include substantial material change; windows or doors; or architectural expression features that mitigate the visibility of large, monotonous expanses of undifferentiated building mass (blank wall areas greater than 35 feet in either a vertical or horizontal direction) from the public right-of-way, provided that such material change shall not be required for portions of the building more than 53 feet from the south-west corner of the building. 4. Capital Investment. Section 3.02 of the 380 Agreement is hereby deleted in its entirety and replaced with the following: 3.02 Capital Investment. The Owner, or an affiliate that is wholly owned or controlled by Endeavor Real Estate Group, shall make a capital investment for redevelopment of the Site, including land acquisition cost, and all land development costs, of at least $52,500,000.00 if the project includes a purpose-built student housing component, or at least $27,500,000.00 if the project does not include a purpose-built student housing component. This investment shall be verified by actual receipts for costs expended by the Owner, together with associated invoices or other documentation, such as HUD -1 Settlement Statements, provided to the City by the Owner. For purposes of this Agreement, land development costs are customary costs and expenses incurred by the Owner for land acquisition, architectural, engineering and construction management services, building demolition and demising, new construction, exterior improvements, parking lot improvements, landscape improvements, signage, and the Owner contribution to interior and exterior improvements for tenants within the Site. For purposes of this Agreement, land development costs shall not include, inventory, leasing or real estate sales commissions or interest carry. 5. Tenant Capital Investment. Section 3.03 of the 380 Agreement is hereby deleted in its entirety and replaced with the following: 3.03 Tenant Capital Investment. The Owner shall facilitate capital investment by tenants on the Site, including all land development costs, currently estimated to be approximately $3,500,000.00. The tenants on the Site are not parties to this Agreement and the Owner does not have access to or control over each tenant's capital investment expenditures. 6. Sign Installation. The following language is hereby added to the end of Section 3.04 of the 380 Agreement: For the avoidance of any doubt, the provisions of Section 3.04 shall apply equally to the portion of the site zoned VMU. Commercial tenants within the VMU portion of the site shall have the ability to occupy space on one or more of the signs in Exhibit "B," provided that the installation of such signs shall comply with the requirements of all City of San Marcos processes, approvals, procedures, ordinance, rules, regulations and standards governing the installation of signs.