Res 2008-140 - Laserfiche WebLink

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FIRST AMENDMENT TO CHAPTER 380 ECONOMIC DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS, TEXAS AND STONE CREEK CROSSING, L.P.. This amendment (the "First Amendment to Agreement") is entered into by and between the City of San Marcos, Texas (the "City") and Stone Creek Crossing, L.P., a Delaware limited partnership (the "Owner") and hereby amends, supplements and modifies that certain Chapter 380 Economic Development Agreement between the City and the Owner dated to be effective the 20th day of September, 2007 (the "Agreement'). The City and the Owner may also collectively be referred to as the "Parties". Section 1. Recitals 1.1 The City and the Owner entered into the Agreement in 2007 providing for the reimbursement to the Owner by the City of Ad Valorem Tax Revenues as defined in the Agreement. 1.2 The Owner has requested changes in the terms of the Agreement in response to and to offset unfavorable economic conditions that have developed since the effective date of the Agreement. 1.3 The City has also identified the need for an entertainment venue for which the Project, as defined in the Agreement, would be an ideal location and seeks to amend the Agreement to provide an incentive for the Owner to attract an entertainment venue to the Project. 1.4 The Parties wish to work together by amending the Agreement to address their mutual concerns and objectives. For the foregoing reasons, and in consideration of the mutual obligations of the Parties below, the Parties agree to amend the Agreement as set forth below. Section 2. Amendments to the Agreement 2.1 Paragraph 2.19 of the Agreement is hereby amended to read as follows: 2.19 "Maximum Reimbursement Amount" means the aetoai ;--ed by the 0 (( " its mitt UR4@goraies, 8? total amount of all Chapter 380 Payments paid ("reimbursed") to the Owner by the City, not to exceed $6,000,000.00, from Ad Valorem Tax Revenues and from Sales Tax Revenues, as provided in and over the term of this Agreement.