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Res 2022-200R/approving a Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co. providing incentives in the form of refunds of 50 percent of additional real property taxes for up to three years
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Res 2022-200R/approving a Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co. providing incentives in the form of refunds of 50 percent of additional real property taxes for up to three years
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10/26/2022 10:53:10 AM
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Resolutions
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Approving
Number
2022-200R
Date
9/6/2022
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the City, or her designee,due to events of force majeure. For purposes of this Agreement,the date <br /> of completion of construction shall be the date on which one or more final shell building <br /> certificates of occupancy contemplated for each phase is issued by the City.Neither a conditional, <br /> nor a temporary, certificate of occupancy shall constitute a certificate of occupancy for purposes <br /> of this section. Commencement of the first phase of Building Improvements is estimated to occur <br /> by April 1, 2024. <br /> Section 3.02. Marketing. The Developer will use, or cause to be used, commercially <br /> reasonable and diligent efforts to advertise and market the Building Improvements for lease. <br /> Section 3.03. Sustainability. In addition to other applicable ordinances,the development <br /> of lots associated with Building Improvements for which Grant Payments are requested shall meet <br /> the following minimum sustainability standards: <br /> a. All plants,trees and vegetation used in connection with development of the <br /> Land shall be native or non-invasive adapted horticultural species, with varieties indicated <br /> as using less water in accordance with Appendix D of the City of San Marcos Design <br /> Manual. <br /> b. All installed toilet and faucet fixtures shall be low flow throughout the <br /> premises. <br /> C. All installed interior and exterior lighting shall be controlled with timers or <br /> motion sensors to reduce unnecessary electric power usage, except as needed for safety or <br /> required by International Codes adopted by the City. <br /> d. The Developer must comply with current City of San Marcos water quality <br /> regulations in connection with any development activities on the Land during the term of <br /> this Agreement. <br /> Section 3.04. Prohibited Uses. The Developer acknowledges and agrees that,in addition <br /> 4 <br />
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