Res 1997-114 - Laserfiche WebLink

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. 98 TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND ARVIND B. PATEL FOR NEW MOTEL FACILITY This tax abatement agreement (this "Agreement") is entered into between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and Arvind B, Patel (the "Developer"), an individual. PART 1. GENERAL PROVISIONS Section 1.01. This Agreement is authorized and governed by the Property Redevelopment and Tax Abatement Act (Chapter 312 of the Texas Tax Code), and by the City's Policy on Tax Abatement and Economic Development Incentives (the "Policy") adopted in Resolution 1995-48R on March 6, 1995, Section 1.02. The Developer owns Lot 59-A, Block 1 of the Rio Vista Terrace Subdivision (the "Property") in San Marcos, Hays County, Texas per the plat recorded in Volume 6, Page 80 of the Plat Records of Hays County, Texas, The Property meets the eligibility criteria for tax abatement under the Policy. The Property is situated within the City of San Marcos Reinvestment Zone No, 9 designated by separate ordinance by the City Council. Section 1.03. The Property is not part of an improvement project financed with tax increment bonds. Section 1.04. This agreement is subject to the rights of the holders of outstanding bonds of the City. Section 1.05. The Property is not owned or leased by any member of the San Marcos City Council ar any member of the City Planning and Zoning Commission, Section 1.06. The Developer agrees to ensure that all of the Improvements described below will conform to all applicable City ordinances and regulations, including but not limited to the City's Master Plan, and Chapter 5-Buildings and Building Regulations, Chapter 74-Streets and Sidewalks, Chapter 94-Development Standards, Chapter 110- Subdivisions, and Chapter 114- Zoning, of the San Marcos City Code. PART 2. PROPERTY IMPROVEMENTS Section 2.01. The Developer agrees to have the Improvements, consisting of the following, performed and constructed on the Property: 1. Demolish old single story motel and associated buildings, 2, Construct a new 50-unit interior corridor two-story motel facility as depicted on the building and construction plans previously provided by the Developer to the City. Section 2.02. The total estimated cost of the Improvements is approximately $1,600,000. The Developer will ensure that the Improvements are completed by April 30,