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ii. all standards and regulations within the City's Code of Ordinances; <br />and <br />W. requirements for submission of required applications and payment <br />of applicable fees. <br />b. The Applicant may not apply for and the Project will not be eligible to <br />receive any variances from any applicable City of San Marcos ordinances, rules or <br />regulations. <br />C. The Applicant must submit an executed Memorandum of Understanding for <br />each local residential support service provider prior to the approval of future permits. <br />d. The Applicant must make an annual Payment in Lieu of Taxes (PILOT) to <br />the City of San Marcos in the amount of $11,000. The PILOT will begin in Year 1 of the <br />Project's life. <br />e. The Applicant shall ensure that the requirement to make an annual PILOT <br />shall be included as a covenant or obligation of the Applicant (and any successors) in the <br />trust indenture for all bonds issued in connection with the Project and in the Land Use <br />Restriction Agreement for the Project approved by TDHCA. <br />E No building in the project shall consist of more than three stories. <br />PART 5. As provided for in 10 TAC §I1.3(d) it is hereby acknowledged that the <br />proposed New Construction or Adaptive Reuse Development is located one linear mile or less <br />from a Development that serves the same type of household as the proposed Development and has <br />received an allocation of Housing Tax Credits (or private activity bonds) for New Construction in <br />the three-year period preceding the date the Certificate of Reservation is issued. <br />PART 6. As provided for in 10 TAC §11.3(e) and §11.4(c)(1), it is hereby <br />acknowledged that the proposed New Construction Development is located in a census tract that <br />has more than 20% Housing Tax Credit Units per total households and the proposed Development <br />is consistent with the City's obligation to affirmatively further fair housing and the City has no <br />objection to the Application. <br />PART 7. 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 <br />for an annual PILOT consistent with Part 3(d) above. <br />PART 8. 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 />