Res 2011-033 - Laserfiche WebLink

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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT Pursuant to Section 1.4.4.1 of the City of San Marcos Land Development Code, this agreement (the "Agreement ") is entered into by and between Tanger Properties Limited Partnership ( "Owner "), and the City of San Marcos, Texas (the "City "). The Owner and the City are collectively referred to as the "Parties ". PART 1. RECITALS Section 1.01. The City seeks to promote local economic development and to stimulate business and commercial activity in the City. Section 1.02. The Owner owns and operates a retail outlet shopping mall known as Tanger Outlets at 4015 IH -35 South (the "Site "). Tanger Outlets is a major tourist destination, the sales from which generate a significant portion of the City's sales tax revenues. Section 1.03. The Owner has proposed and intends to install two Commercial Electronic Variable Message ( "CEVM ") signs on the Site. The installation of the CEVM signs will result in an estimated investment in taxable personal property of $245,049.00 and will likely increase retail sales at the Tanger Outlets resulting in greater sales tax revenues collected by the City. Section 1.04. The proposed CEVM signs do not meet all the requirements of the City's Land Development Code ( "LDC ") and the Owner seeks a waiver of some of those requirements. Section 1.05. In consideration of the mutual benefits stated in the Recitals and the promises of the Parties set forth below, the Parties enter into this Agreement and agree to the terms and conditions set forth in this Agreement. PART 2. OBLIGATIONS OF OWNER Section 2.01. Sign Installation. On or before August 1, 2011 the Owner will complete installation of one CEVM sign facing IH -35 (the "Interstate Sign ") and one sign facing Centerpoint Road (the "Centerpoint Sign "), each in accordance with the specifications in Exhibit "A" (the "Project "). Such signs shall be installed only in the locations for each sign as shown in Exhibit "A ". The Owner, in executing the Project, shall comply with all requirements of all City of San Marcos processes, procedures, ordinances, rules, regulations and standards governing the installation of signs, except for the requirements specifically waived by the City under Part 3 of this Agreement. Section 2.02. Continued Operation of Outlet Mall. The Owner shall continue to operate the Tanger Outlets as a retail outlet shopping mall in substantially the same or better manner and at substantially the same or greater scale and level of quality and maintenance as existing as of the date of this Agreement. Section 2.03. Public Service Messages. As a condition of receiving the waivers specified in Part 3 of this Agreement, the Owner acknowledges and agrees that it shall make the