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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Except as specifically stated above, the City grants no other waivers of requirements under the LDC, including the Multifamily Residential Design Standards under Section 4.4.3.1. Notwithstanding the foregoing waivers, it is understood and agreed by the Owner that: (i) existing sidewalks shall either remain, subject to periodic repair and replacement, or may be realigned as necessary to facilitate development of the Site; (ii) the total existing landscaped area within the Site may be rearranged, but shall not be decreased; (iii) a minimum of 1,000 vehicular parking spaces shall be provided on the Site. The Site will be redeveloped in a similar manner to the Class "A" projects referenced in Section 3.01. Enhanced vehicular and pedestrian connectivity will be provided throughout the Site as well as other features including but not limited to: bicycle parking, street furniture, trash and recycling receptacles, landscape planters and trees at regular intervals. 10. Student Leases. Residential leases for occupancy in any purpose built student housing development within the Site that are executed and effective before issuance of certificates of occupancy enabling the tenant to occupy the premises shall include a Late Delivery Provision clause providing as follows: "In the event the Leased Premises are unavailable for occupancy on or before the commencement date of this Lease, Landlord shall offer Tenant the choice of: a) accepting temporary, safe, decent, and sanitary housing, provided by Landlord, at an alternate location within the City of San Marcos, or within a seven mile radius of the Site, with Tenant remaining bound by the terms of the Lease, or b) terminating the Lease with no financial penalty and with full reimbursement to Tenant of all deposits and pre -paid items within 10 days." Before execution of any such leases, Owner or Owner's assignee operating the residential development shall first provide a copy of its form lease to the City for review and approval consistent with this paragraph. 11. Assignment. Section 8.03 of the 380 Agreement is hereby deleted in its entirety and replaced with the following: 8.03. Assignment; Successors. Owner may assign this Agreement in whole or in part only with the advance written consent of the City, except that Owner may assign this Agreement in whole or in part to an affiliate that is wholly owned or controlled by Endeavor Real Estate Group ("EREG") by providing written notice to the City. Upon such assignee's written assumption of such assignment, Owner shall be released from any further obligations arising from that assignment. [SIGNATURES ON NEXT PAGE] conditions will not be changed. If existing lighting structures are demolished or damaged in an amount that exceeds 50 percent of the value of the structure, then the lighting structure must be rebuilt or replaced in accordance with then current ordinances. Except as specifically stated above, the City grants no other waivers of requirements under the LDC, including the Multifamily Residential Design Standards under Section 4.4.3.1. Notwithstanding the foregoing waivers, it is understood and agreed by the Owner that: (i) existing sidewalks shall either remain, subject to periodic repair and replacement, or may be realigned as necessary to facilitate development of the Site; (ii) the total existing landscaped area within the Site may be rearranged, but shall not be decreased; (iii) a minimum of 1,000 vehicular parking spaces shall be provided on the Site. The Site will be redeveloped in a similar manner to the Class "A" projects referenced in Section 3.01. Enhanced vehicular and pedestrian connectivity will be provided throughout the Site as well as other features including but not limited to: bicycle parking, street furniture, trash and recycling receptacles, landscape planters and trees at regular intervals. 10. Student Leases. Residential leases for occupancy in any purpose built student housing development within the Site that are executed and effective before issuance of certificates of occupancy enabling the tenant to occupy the premises shall include a Late Delivery Provision clause providing as follows: "In the event the Leased Premises are unavailable for occupancy on or before the commencement date of this Lease, Landlord shall offer Tenant the choice of: a) accepting temporary, safe, decent, and sanitary housing, provided by Landlord, at an alternate location within the City of San Marcos, or within a seven mile radius of the Site, with Tenant remaining bound by the terms of the Lease, or b) terminating the Lease with no financial penalty and with full reimbursement to Tenant of all deposits and pre -paid items within 10 days." Before execution of any such leases, Owner or Owner's assignee operating the residential development shall first provide a copy of its form lease to the City for review and approval consistent with this paragraph. 11. Assignment. Section 8.03 of the 380 Agreement is hereby deleted in its entirety and replaced with the following: 8.03. Assignment; Successors. Owner may assign this Agreement in whole or in part only with the advance written consent of the City, except that Owner may assign this Agreement in whole or in part to an affiliate that is wholly owned or controlled by Endeavor Real Estate Group ("EREG") by providing written notice to the City. Upon such assignee's written assumption of such assignment, Owner shall be released from any further obligations arising from that assignment. [SIGNATURES ON NEXT PAGE]