Res 2005-096 - Laserfiche WebLink

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134. Amendment No.3 to Development Agreement Concerning Cottonwood Creek Development This is Amendment No.3 to the Development Agreement dated September 24, 2002 (the "Agreement") between the City of San Marcos, a Texas municipal corporation (the "City") and Cottonwood Creek JDR, Ltd. (the "Developer"), successor to Vision Land Group, Ltd. RECITALS: 1. The City and the Texas Department of Transportation ("TXDOT") are negotiating an agreement (the "TXDOT Agreement") under which the City will provide funding for improvements to State Highway 123 South that will be carried out by TXDOT, some of which are related to the Cottonwood Creek development. 2. The City is willing to include improvements to State Highway 123 South related to the Project in the TXDOT Agreement if the Developer agrees to provide funding for the improvements as described in this Amendment. 3. The City and the Developer wish to amend the Agreement to provide for the Developer to provide funding to the City for the improvements to State Highway 123 South related to the Cottonwood Creek development. AMENDMENT: 1. The City and the Developer agree to amend Section 2 of the Agreement to label the subsections thereof as 2.A through 2.G in the order in which they appear in the Agreement, and to add a new subsection 2.H to read as follows: H. The Developer will provide funding to the City for improvements to State Highway 123 related to the Project (the "Developer's Highway 123 Improvements"). The Developer's Highway 123 Improvements consist generally of the addition of a center turn lane near the intersection of State Highway 123 and the proposed Monterrey Oak: Street. The Developer will provide this funding as follows: 1. The Developer will pay to the City the sum of $484, 118.06 (the amount of the cost estimate for the Developer's Highway 123 Improvements prepared by the Developer's engineer, plus TXDOT multipliers) not later than August 2,2005. 2. The Developer will pay to the City the amount of the increase in the cost of the Developer's Highway 123 Improvements, within 15 days of receipt from the City of a copy of TXDOT's notice to the City of an increase in the City's cost for the improvements. All such payments must be timely made by the Developer to the City so that the City may timely make payments in turn to TXDOT.