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RESOLUTION NO. 2020-88R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS APPROVING THE FOLLOWING IN CONNECTION <br />WITH THE WHISPER PUBLIC IMPROVEMENT DISTRICT: (I) AN <br />AMENDED AND RESTATED FINANCING AGREEMENT WITH <br />WHISPER MASTER COMMUNITY LIMITED PARTNERSHIP, <br />YARRINGTON PARTNERS LTD., WHISPER INDUSTRIAL 2019 QOZB, <br />LLC AND 135 RESIDENTIAL DEVELOPMENT, LLC; (II) AN <br />IMPROVEMENT AREA #1 ACQUISITION AND REIMBURSEMENT <br />AGREEMENT WITH WHISPER MASTER COMMUNITY LIMITED <br />PARTNERSHIP, YARRINGTON PARTNERS LTD., WHISPER <br />INDUSTRIAL 2019 QOZB, LLC AND 135 RESIDENTIAL <br />DEVELOPMENT, LLC; AND (III) AN IMPROVEMENT AREA #2 <br />ACQUISITION AND REIMBURSEMENT AGREEMENT WITH <br />WHISPER MASTER COMMUNITY LIMITED PARTNERSHIP; <br />AUTHORIZING THE CITY MANAGER TO EXECUTE SAID <br />AGREEMENTS ON BEHALF OF THE CITY; AND DECLARING AN <br />EFFECTIVE DATE FOR SAID AGREEMENTS. <br />RECITALS: <br />1. On October 6, 2014, the City Council adopted Resolution No. 2014-143R <br />authorizing the formation of the Whisper Public Improvement District. <br />2. Pursuant to such authorization, on September 5, 2017, the City Council adopted <br />Resolution No. 2017-139R approving the Whisper Public Improvement District Financing <br />Agreement. <br />3. The City now seeks to approve a revised financing plan under which the developer <br />of the property within the District will construct the public improvements within the District, and <br />to amend and restate the previously approved Whisper Public Improvement District Financing <br />Agreement in its entirety. <br />4. In connection with the revised financing plan, the City seeks to approve and <br />authorize Whisper Master Community Association, Inc., a Texas non-profit corporation to be <br />formed by the developer of the property within the District to own, operate and maintain certain <br />public improvements within the District for the benefit of the City pursuant to Section <br />372.023(a)(3) of the PID Act. <br />5. The City also seeks to approve an agreement under which the City will reimburse <br />the developer of the property within Improvement Area #I of the District for certain costs incurred <br />in connection with construction of the public improvements allocated to Improvement Area #1 of <br />the District. <br />