11.15.2016 Regular Meeting - Laserfiche WebLink

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City Council Meeting Minutes November 15,2016 Motion to Amend: A motion was made by Council Member Hughson and seconded by Council Member Derrick to amend Resolution 2016-139R by amending the following sentence in Section 3.01 Site Redevelopment to read as follows- "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." By amending the following sentence in Section 3.02 Capital Investment to read as follows - "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." Lastly, by amending Section 10 Student Leases to read as follows - "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." The motion carried by the following vote: For: 4- Mayor Pro-Tern Thomaides, Council Member Prather, Council Member Hughson and Council Member Derrick Against: 0 Absent: 2- Mayor Guerrero and Prewitt Recused: 1 - Council Member Gregson Main Motion: to approve Resolution 2016-139R, as amended. The motion carried by the following vote: For: 4- Mayor Pro-Tem Thomaides, Council Member Prather, Council Member Hughson and Council Member Derrick City of San Marcos Page 8