Res 2005-044 - Laserfiche WebLink

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57. Amendment No.2 to Development Agreement Concerning Proposed Cottonwood Creek Development This is Amendment No.2 to the Development Agreement dated September 24, 2002 (the "Agreement") between the City of San Marcos, a Texas municipal corporation (the "City") and the Vision Land Group, Ltd. (the "Developer"). 1. The Developer has conveyed its real property interests in the Project to Cottonwood Creek JDR, Ltd. The Agreement is revised to substitute Cottonwood Creek JDR, Ltd. in place of the Vision Land Group, Ltd. as the "Developer," and Cottonwood Creek JDR, Ltd. shall succeed to all rights and obligations of Vision Land Group, Ltd. as described in the Agreement. 2. The City and the Developer agree to amend subsections 3.B and 3.C of the Agreement as follows (underlining indicates added text; oyorstrike.indicates deleted text): B. The City will reimburse to the Developer 25% of the cost of the Off-Site Improvements (notto exceed the srunof$192J 11.14180,213 for the waterline and $213.443.90 174,101 for the wastewater line), at the size needed to serve the Project upon buildout, as verified by the City Director of Environment and Engineering. The Developer will invoice the City for this amount upon completion of the Off-Site Improvements and acceptance by the City, and the City will pay this amount to the Developer in a hunp sum within 30 days ofthe receipt of the invoice. C. The City will reimburse the Developer 100% of the cost of oversizing the Off-Site Improvements (not to exceed the sum of$101,566.50 71,777 fOi the water line and $53.596.00 78,791 for the wastewater line), determined as the difference in the cost of the improvements between the size needed to serve the Project upon buildout and the size requested by the City, as verified by the City Director of Environment and Engineering. The Developer will invoice the City for this amount upon completion of the Off-Site Improvements and acceptance by the City, and the City will pay this amount to the Developer in a lump sum within 30 days of the receipt of the invoice. 3. All remaining provisions of the Agreement remain in full force and effect. Executed and effective on ,2005.