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City Council Meeting Minutes June 1, 2021 <br />and gyms and would like the rent to be more manageable. <br />Mayor Pro Tem Derrick inquired about 5 -story potential and if there is a way <br />to grant CD -5 but request they only build 3 stories. Mr. Cosentino stated a <br />provision could be added to the ordinance regarding restrictive covenants with <br />the structure being allowed no more than 3 stories. Mayor Pro Tem Derrick <br />asked if there will be pet waste stations and if it will be maintenanced <br />regularly? Mr. Holland stated there will be onsite property management and <br />will have a full maintenance staff including for the backyard. Also, a third <br />party will be contracted for landscaping and pet waste. <br />MOTION TO AMEND: a motion was made by Mayor Pro Tem Derrick, <br />seconded by Council Member Baker to make the effective date of the <br />ordinance coincide with the creation and approval of restrictive covenants that <br />prohibit structures greater than 3 stories in height. <br />The motion to amend carried by the following vote: <br />For: 6 - Mayor Pro Tem Derrick, Mayor Hughson, Council Member Baker, Council Member <br />Gonzales, Council Member Garza and Council Member Gleason <br />Against: 1 - Deputy Mayor Pro Tem Scott <br />Council Member Gonzales inquired about the project and its relationship with <br />the Housing Authority. Mr. Holland referred to a page provided in the packet <br />that notes that the project will be owned by the Housing Authority will <br />participate in the cash flows. They will receive $250,000 at closing and an <br />annual $25,000 administrative fee, plus a 15% of cash flow from any capital <br />event should the property be sold or refinanced and commission on future <br />sales. ParcHaus will also pay to the Housing Authority, beginning in the fourth <br />year, the estimated equivalent of San Marcos property tax. There will be an <br />annual $50,000 contribution to the school district foundation. This agreement <br />has already been completed with the Housing Authority last November. This <br />applies only to the following item, the rezoning to CD -4 request. Property <br />taxes will be paid to the City on the CD -5 portion unless another agreement <br />will be made in the future. <br />Mayor Hughson inquired as to who will actually own the property and how <br />will city property taxes be paid. Mr. Holland responded that they will <br />purchase the property, then enter into an agreement with the Housing <br />Authority who will then own the property, land plus improvements and at that <br />time it will be exempt from property taxes. <br />MAIN MOTION: approve Ordinance 2021-42, on the first of two readings, as <br />City of San Marcos Page 9 <br />