Res 2010-109 - Laserfiche WebLink

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all related improvements (the "Old Facility ") and constructing a new higher density multifamily residential apartment complex with at least 257 units and 593 beds (the new apartment complex and all new improvements, whether or not part of the structure of the apartment building, on the Land shall constitute the "New Facility ") according to Leadership in Energy and Environmental Design ( "LEED ")" building specifications approved by the City under the terms of this Agreement below. The demolition of the Old Facility and construction of the New Facility in this paragraph shall collectively be referred to as the "Project ". Section 1.05. In connection with the Project, Developer intends to create at least five full -time jobs for San Marcos residents with salaries exceeding the area's medium income. Section 1.06. The City is authorized under Chapter 380 of the Texas Local Government Code ( "Chapter 380 ") to offer certain economic development incentives for public purposes, including the promotion of local economic development and the stimulation of business and commercial activity in the City. Section 1.07. The city council has determined that the Project and the jobs created by the project advance its goal of expanding economic development and providing an economic development grant to the Developer for the Project will promote local economic development and stimulate business and commercial activity in the City. Section 1.08. The city council has also determined that the Project advances its goal of supporting environmental protection and smart growth. Section 1.09. For the reasons stated in these Recitals and in consideration of the mutual benefits to and promises of the Parties set forth below, the Parties want to enter into this Agreement and agree to the terms and conditions set forth in this Agreement. Page 2 of 15 ON " 4 W r IN