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<br />67. <br /> <br />AMENDMENT NO.5 TO DEVELOPMENT INCENTIVE AGREEMENT BETWEEN <br />THE CITY OF SAN MARCOS AND FRANKLIN STREET PARTNERS, L.P. <br />FOR PROPOSED BISHOP CROSSING SUBDIVISION DEVELOPMENT <br /> <br />This is Amendment No.5 to the Development Incentive Agreement dated January 12, 1999 (the <br />"Agreement") between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and <br />Legend Communities, Inc. d/b/a SDC Austin Communities ("SDC"), a Texas corporation. SDC assigned <br />its interest in the Agreement, with the City's consent, to SDC Franklin Street Partners, Ltd., a Texas Limited <br />Partnership (the "Developer"). <br /> <br />The parties agree to amend the Agreement as follows: <br /> <br />1. Section 3.e. ofthe Agreement is amended as follows (underlinin~ indicates added text and <br />Ol'el ~tJ ike indicates deleted text): <br />C. It is estimated that engineering and construction costs for the Realignment will not exceed <br />$350,000. The City agrees to contribute up to $250,000, and the Developer agrees to contribute up to <br />$100,000 towards this estimated cost. The Developer shall cause plans and specifications for the <br />Realignment to be prepared by the Developer's engineers for approval by the City. The Developer shall <br />obtain bids for the Realignment as part of the first phase of the Project, and shall submit a tabulation of these <br />bids to the City. The Developer shall oversee and manage the construction of the Realignment. The <br />Developer will pay each invoice for engineering and construction services for the Realignment as the work <br />progresses, and the City, subject to verification of the invoice amount, shall reimburse the Developer for <br />71.43 % of each invoice. In addition to the Realignment, the Developer shall contract for paving removal and <br />replacement, storm drainage removal and replacement, water system adjustments and wastewater system <br />improvements (in accordance with plans approved by the City) as a change order to the Realignment in the <br />not-to-exceed amount of $74,234.75 63-;984. The City will reimburse the Developer 100% of the costs for <br />this change order work. <br /> <br />2. All other provisions of the Agreement remain in full force and effect. <br /> <br />This Amendment is executed by the parties in multiple originals or counterparts, each having full <br />force and effect. <br /> <br />EXECUTED on <br /> <br />October 9 <br /> <br />, 2001. <br /> <br /> <br />CITY OF SAN MARCOS, TEXAS <br /> <br /> <br />DEVELOPER: <br />SDC Fra klin Partners, Ltd. <br /> <br />By: <br /> <br /> <br />Signature <br />l{ Ct k.fL eu... (' < C>t w I fllr:J <br />Pri ted name, title <br />