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d. The Applicant must make an annual Payment in Lieu of Taxes (PILOT) to the <br />City of San Marcos in the amount of $11,000. The PILOT will begin in Year I of the Project's <br />life. <br />e. The Applicant shall ensure that the requirement to make an annual PILOT shall <br />be included as a covenant or obligation of the Applicant (and any successors) in the trust <br />indenture for all bonds issued in connection with the Project and in the Land Use Restriction <br />Agreement for the Project approved by TDHCA. <br />f. No building in the Project will be more than three stories. <br />PART 4. As provided for in 10 TAC §11.3(d) it is hereby acknowledged that the <br />proposed New Construction or Adaptive Reuse Development is located one linear mile or less from <br />a Development that serves the same type of household as the proposed Development and has received <br />an allocation of Housing Tax Credits (or private activity bonds) for New Construction in the three- <br />year period preceding the date the Certificate of Reservation is issued. <br />PART 5. The Mayor or the City Manager, are each authorized to execute any and all <br />documents as necessary for the Applicant to complete its application for the Project to the TDHCA, <br />and the City Manager is further authorized to negotiate the terms of and to execute an agreement for <br />an annual PILOT consistent with Part 3(d) above. <br />PART 6. For and on behalf of the City Council, the Mayor or the City Clerk are each <br />authorized to certify one or more copies of this resolution for submission to TDHCA. <br />PART 7. This resolution shall be in full force and effect immediately from and after its <br />passage. <br />ADOPTED on June 16, 2020. <br />lane Hughson <br />Mayor <br />Attest: <br />ammyKCook <br />Interim City Clerk <br />