Res 2010-109 - Laserfiche WebLink

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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT This agreement (the "Agreement ") is entered into as of July 20, 2010 (the "Effective Date ") between the City of San Marcos, Texas (the "City "), a Texas municipal corporation, and 401 North Fredericksburg Acquisition, L.L.C., a Texas limited liability company duly authorized to conduct business in the State of Texas ( "Developer "). The City and Developer are collectively referred to as the "Parties ". ARTICLE 1. RECITALS Section 1.01. The City has made revitalization of its downtown, identified as the City's Central Business Area (the "CBA ") a major priority. The City recognizes that the vitality of the CBA is a critical component of the City's overall economic success. Section 1.02. Innovative and appropriate residential development in the CBA advances the city council's goal of expanding economic development by sustaining existing businesses and attracting new business and commercial activity in the CBA and throughout the City. Section 1.03. Appropriate high density residential development utilizing "green" principles further advances the city council's goal of supporting environmental protection and smart growth by, among other things, utilizing and maximizing the efficiency of existing public infrastructure, reducing vehicular traffic, curbing urban sprawl over environmentally sensitive areas, reducing consumption of resources and cutting carbon emissions. Section 1.04. Developer intends to redevelop a 2.712 acre, more or less, tract of land in the CBA bounded by Comanche, Fredericksburg, Lindsey and Pat Garrison Street (the "Land ") A metes and bounds description of and site location map showing the location of the Land is attached hereto as Exhibit "A ", and made a part hereof for all purposes. Developer proposes to redevelop the Land by demolishing an existing multifamily residential apartment complex and Page 1 of 15 U/J01