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<br />STATE OF TEXAS <br /> <br />AGREEMENT <br /> <br />COUNTY OF HAYS <br /> <br />KNOW ALL PERSONS BY THESE PRESENTS: <br /> <br />This Agreement is made and entered into by and between <br /> <br />the City of San Marcos, <br /> <br />Texas, <br /> <br />(hereinafter referred to as <br /> <br />"City) a municipal corporation existing by and under the laws <br /> <br />of the State of Texas, acting through authority conferred on <br /> <br />its <br /> <br />Mayor, <br /> <br />J.E. <br /> <br />Younger, <br /> <br />by <br /> <br />resolution <br /> <br />duly <br /> <br />adopted <br /> <br />on <br /> <br />June 8 <br /> <br />1987, <br /> <br />and <br /> <br />Shepherd <br /> <br />Enterprises, <br /> <br />Inc. <br /> <br />(hereinafter referred to as Owner). <br /> <br />Owner <br /> <br />agrees <br /> <br />to <br /> <br />comply <br /> <br />with <br /> <br />all <br /> <br />IRS <br /> <br />regulations <br /> <br />pertaining to Private Activity Bonds, <br /> <br />including IRC sections <br /> <br />103 and 141 et. seq. for the duration of the Private Activity <br /> <br />Bonds issued for the development of Hickory Creek Apartments, <br /> <br />a multi-family rental residential development consisting of <br /> <br />approximately 192 units to be built on 16.6 acres of land <br /> <br />located at the northwest intersection of Bishop Street and <br /> <br />L.B.J. Drive, San Marcos, Hays County, Texas. <br /> <br />Specifically, <br /> <br />Owner agrees <br /> <br />to rent a set percentage of the units of the <br /> <br />development to low-income families as determined by agreement <br /> <br />with <br /> <br />the <br /> <br />Capital <br /> <br />Area <br /> <br />Housing <br /> <br />Finance <br /> <br />Corporation <br /> <br />and <br /> <br />in <br /> <br />accord with applicable regulations of the Internal <br /> <br />Revenue <br /> <br />Code. <br /> <br />Owner further agrees to document their compliance with <br /> <br />this agreement by furnishing the City a copy of the quarterly <br /> <br />reports they file with the trustee, MTrust Dallas, and/or by <br /> <br />any other documentation requested by the City Attorney that <br /> <br />will show rental rates for all units, <br /> <br />rental rates for the <br /> <br />low-income units, <br /> <br />and occupancy by income <br /> <br />for each <br /> <br />rental <br /> <br />unit. <br /> <br />All vacancies <br /> <br />in the multi-family residential units <br /> <br />owned and/or operated by Owner shall be advertised with the <br /> <br />Section 8 program available to San <br /> <br />Marcos <br /> <br />residents <br /> <br />on <br /> <br />or <br /> <br />-1- <br />