Res 2005-059 - Laserfiche WebLink

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Economic Development Incentives Policy May, 2005 Page 10 conditions to assure that the project meets or exceeds the City's requirements pertaining to property values and revenues, which in no event shall be less than the minimum project requirements established in the minimum requirements listed above. C. A legal description of any property to be designated as a reinvestment zone for the purposes of the agreement. D. Detailed information regarding the type, number, location and cost of planned improvements. E. A provision to allow access to and inspection of the property and proposed improvements by City inspectors and officials to ensure that the improvements are made according to the requirements and conditions of the agreement. F. A provision limiting the uses of the property consistent with the general purpose of encouraging development or redevelopment during the period that tax abatements and/or other economic development incentives are in effect. G. A method to provide for the recovery of property tax revenues and all waived fees and costs which are lost as a result of the agreement if the applicant fails to perform its obligations under the terms of the a!;lreement. H. A provision requiring the proposed project to make use of local contractors, suppliers and labor force (from the San Marcos area) during construction and/or operation, if such use was considered in determining the incentives to be provided by the City. I. A provision establishing the duration of the Agreement. J. A provision providing a tangible means for measuring whether the applicant and other responsible parties have met their obligations under the Agreement. K. A provision for cancellation of the Agreement and/or non-payment of incentives if the project is determined to not be in compliance with the Agreement. L. A provision for granting lien rights to the City with respect to real or personal property purchased with funds granted or loaned by the City. M. A provision that allows assignment of the Agreement with prior written approval of the City Council, or without the prior written approval of the City Council provided that: 1. All rights, duties, obligations and liabilities under the Agreement are assigned from the as signor to the assignee; and 2. The assignment is made subject and subordinate to the Agreement and these City of San Marcos Economic Development Incentives Policies; and 3. The assignment document is in a form and contains content agreeable to the City Attorney's office. N. Provisions relating to administration, delinquent taxes, reporting requirements and indemnification. O. A provision that the Agreement may be amended by the parties to the Agreement by using the same procedure for approval as is required for entering into the Agreement; and P. Such other provisions as the City Council shall deem appropriate. Additional Information about San Marcos Please feel free to contact the following resources to obtain more information relating to San Marcos: San Marcos Economic Development Council 512-393-5900 (phone) www.sanmarcosedc.com (website) edc@sanmarcostexas.com (e-mail) San Marcos Chamber of Commerce 512-393-5900 (phone) www.sanmarcostexas.com (website) chamber@sanmarcostexas.com (e-mail) San Marcos Hispanic Chamber of Commerce 512-353-11 03 (phone) www.sanmarcoshispanic.com (website) dlq@sanmarcoshispanic.com (e-mail) City of San Marcos 512-393-8000 (phone) www.cLsan-marcos.tx.us (website) citvhall@cLsan-marcos.tx.us (e-mail)