Res 2001-021 - Laserfiche WebLink

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260. AMENDMENT NO.3 TO DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND FRANKLIN STREET PARTNERS, L.P. FOR PROPOSED BISHOP CROSSING SUBDIVISION DEVELOPMENT This is Amendment No.3 to the Development Incentive Agreement dated January 12, 1999 (the "Agreement") between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and Legend Communities, Inc. d/b/a SDC Austin Communities ("SDC"), a Texas corporation. SDC assigned its interest in the Agreement, with the City's consent, to SDC Franklin Street Partners, Ltd., a Texas Limited Partnership (the "Developer"). The parties agree to amend the Agreement as follows: 1. Section 3.e. of the Agreement is amended as follows (underlining indicates added text and 6Yen~tdk.c indicates deleted tfxt): C. It is estimated that engineering and construction costs for the Realignment will not exceed $350,000. The City agrees to contribute up to $250,000, and the Developer agrees to contribute !ill. to $100,000 towards this estimated cost. Upon notification from thc Dc (eloper that con.:5truction of the Rcalignmen.t is to COn.lmCllCC, the parties ",".ill deposit these amounts in. an interest beMing account entitled "Bishop Street Realig.nmcnt fund" in a federally insurcd bank ha"v'ing an office in the City. fUfids from this aeeount vv'ill be released as thc construction progresses flfid only upon ",wittcn Mlthori2':ation of both the City Md the Developer, unless this Agre.::menthas been terminftted by the City Ufider rftfftgraph 4.C. belo'.v. The De"(elol'er shaH use thesc funds only for the pftyment of cnginecrin.g and construetion costs for the Realignment. The Developer shall cause plans and specifications for the Realignment to be prepared by the Developer's engineers for approval by the City. The Developer shall obtain bids for the Realignment as part of the first phase of the Project, and shall submit a tabulation of these bids to the City. The Developer shall oversee and manage the construction of the Realignment. Any ftmoliftt remaining in the account after payment ofthc costs ofthe Realigmn.::nt will be distributed pm rata to the Cit)' Md the De",<c1oper. The Developer will pay each invoice for engineering and construction services for the Realignment as the work progresses. and the Citv. subiect to verification of the invoice amount shall reimburse the Developer for 71.43% of each invoice. In addition to the Realignment the Developer shall contract for paving removal and replacement storm drainage removal and replacement water system adiustments and wastewater svstem improvements (in accordance with Dlan~..wroved bv the City) ~s a change order to the Realignment in the not-to-exceed amount of$63.984. The Citv will reimburse the Developer 100% of the costs for this change order work. 2. All other provisions of the Agreement remain in full force and effect. This Amendment is executed by the parties in multiple originals or counterparts, each having full force and effect. EXECUTED on January 23 ,2001.