Res 2005-091 - Laserfiche WebLink

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9. The City Council finds and determines that the Project will promote local economic development and stimulate business and commercial activity in the City, and that this Agreement will facilitate the acquisition of real property for purposes directly related to economic development. 10. The City's Economic Development Incentives Policy authorizes the City Council to waive development regulations if a development 1) will be a unique and regional economic draw with projections to support m~or direct new tax benefits for the City that far exceed those of the typical development or business, 2) incorporates design or construction features or characteristics that exceed City regulations or standards in other respects, or 3) will make a unique or unequaled contribution to development or redevelopment efforts in the City of San Marcos, due to its magnitude, uniqueness to the community, or aesthetic quality. 11. The City Council fmds and determines that it is necessary and prudent to temporarily waive the provisions ofthe City's Land Development Code that require City approval of a subdivision concept plat, and preliminary and fmal subdivision plats before a tract ofland is divided into two or more tracts for the purpose of sale or development, in that the Project will be a unique and regional economic draw with projections to support major direct new tax benefits for the City that far exceed those of the typical development or business, the Project will incorporate design and construction features and characteristics that exceed City regulations and standards in other respects, and the Project will make a unique or unequaled contribution to development efforts in the City due to its magnitude, uniqueness to the community, and aesthetic quality. 12. To formalize their agreements regarding the Loan and Grant, the City and JQH desire to enter into a Chapter 380 Economic Development Grant and Loan Agreement in substantially the form attached to this Resolution. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The City Council approves a Chapter 380 Economic Development Grant and Loan Agreement between the City of San Marcos and Mr. John Q. Hammons, Trustee of the Revocable Tmst of John Q. Hammons dated December 28, 1989, as amended and restated, for the development of the Hotel and Conference Center Project, in substantially the form attached to this Resolution. PART 2. The City Manager, Dan 0 'Leary, and the City's attorneys, Mark Taylor and Pete Broderick, are authorized to negotiate the [mal form of the Chapter 380 Economic Development Grant and Loan Agreement and related documents, and the City Manager, Dan O'Leary, is authorized to execute the final Agreement and related documents on behalf of the City. PART 3. This resolution is effective immediately upon adoption. ADOPTED on July 14, 2005. ~~ Mayor A~st: ff(p... r~i ..' . Lil/i?lMid ~ fJlrMjv JanislC. VVomack City Clerk