Res 2023-021R Approving a first amendment and reinstated agreement with Franklin Mountain San Marcos

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ARTICLE II TERM AND VESTING RIGHTS Section 2.01 Term. This Agreement shall commence on all phases and bind the Parties on the Effective Date and continue uninterrupted for a period of forty-five (45) years. This Agreement however may be terminated, in whole or in part, by express written agreement executed by both Parties. Section 2.02 Vesting Rights. The City acknowledges that the Property known as Cotton Center and any additional land shall be deemed vested from the Vesting Date (as described in subparts a. and b. below). This acknowledgement by the City is not intended to waive any of the exemptions to vesting codified in Section 245.004 of the Local Government Code. A vested right under this Agreement shall not apply to regulations mandated by state law, or that are necessary to prevent imminent harm to human safety or property, which may be modified and made applicable to the Project even after the Effective Date. a. For any portion of the Property for which a Preliminary Subdivision Plat application has been submitted within five (5) years following the Effective Date, the Vesting Date for that portion of the Property shall be the Effective Date and shall remain the Vesting Date for that portion of the Property unless the Preliminary Subdivision Plat (including any applicable extensions) expires. b. For any portion of the Property for which a Preliminary Subdivision Plat application has been submitted from and after five (5) years after the Effective Date the Vesting Date for that portion of the Property shall be the date for which a Preliminary Subdivision plat is submitted and shall remain the Vesting Date for that portion of the Property unless the Preliminary Subdivision Plat (including any applicable extensions) expires. c. To the extent of a conflict between this Agreement and City Codes, this Agreement shall control. Notwithstanding the foregoing, from and after five (5) years following the Effective Date, the City Codes in place at the time of any given Preliminary Subdivision Plat application shall control for the vesting period of the applicable Preliminary Subdivision Plat, over the following articles of this Agreement: i. Article VII ii. Article VIII iii. Article IX iv. Article X V. Article XI vi. Exhibit C Circulation and Connectivity Lot Standards and Site Design Architectural Design Parking Access Building Permits Development Waivers Section 2.03 Owner's Rights to Continue Development. The City agrees to strictly comply with Subchapter E, Chapter 212 of the Texas Local Government Code during the term of this Agreement in enacting any moratorium on property development in Cotton Center. The City may impose temporary moratoriums uniformly throughout the City and its ETJ in accordance with Subchapter E, Chapter 212 of the Texas Local Government Code.