Res 2005-027 - Laserfiche WebLink

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I I I 117. AMENDMENT NO.1 TO ECONOMIC DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS, SAN MARCOS FACTORY STORES, LTD., AND PRIME OUTLETS AT SAN MARCOS II I:r.P- FOR Limited Partnership EXPANSION AND RENOVATION OF RETAIL COMMERCIAL FACILITY ThIS IS Amendment No 1 to the EconomIC Development Agreement (the "Agreement") IS entered Into on September 27, 2004 (the "Effectlve Date") between the CIty of San Marcos, Texas (the "CIty"), a Texas munIcIpal corporatIOn, San Marcos Factory Stores, Ltd. ("SMFS"), a Texas hmIted partnershIp, and Pnme Outlets at San Marcos IILt::P. ("POSM")t a Delaware 1m1te~Vartnersti p hmIted partnershIp San Marcos Factory Stores, Ltd. and Pnme Outlets at San Marcos II t:P are sometImes referred to collectIvely In thIs Agreement as "Pnme" Limited Partnership RECIT ALS' 1. The CIty, SMFS and POSM entered Into the Agreement pursuant to a program of the CIty under Chapter 380 of the Texas Local Government Code, for the purpose of facIhtatIng a proJect to renovate and expand Pnme Outlets at San Marcos, the eXIsting retail facIhty owned by SMFS and POSM In the CIty 2. Pnme Outlets at San Marcos, together wIth Tanger Factory Outlets, has for several years been the thIrd most popular tOurISt destInatIOn In the State of Texas, and generates sIgmficant sales and use tax revenues for the CIty 3. SMFS and POSM have Incorporated In the proposed proJect sIgmficant archItectural features and pedestnan amemtles that exceed development regulatIOns and standards In the CIty'S Land Development Code, and In connectIOn wIth these features and amemtIes, Pnme has requested the modIficatIOn or Waiver of landscapIng and sIgnage standards In the Land Development Code. 4. The CIty'S EconomIc Development Incentlves Pohcy proVIdes for WaiVIng or modIfyIng CIty development regulatIOns and standards, especially where a development Incorporates desIgn or constructIOn features or charactenstlcs that exceed CIty regulatIOns and standards In other respects, or makes a umque or unequaled contributIOn to development or redevelopment efforts In the CIty of San Marcos, due to ItS magmtude, unIqueness to the commumty, or aesthetlc quahty 5. The CIty CouncIl finds and determInes that the proposed proJect Incorporates desIgn or constructIOn features or charactenstlcs that exceed CIty regulatIOns and standards In certaIn respects, and WIll make a umque contributIOn to development efforts In the CIty of San Marcos, due to ItS magmtude, unIqueness to the commumty, and aesthetIc quahty 6. The CIty CouncIl wIshes to approve an amendment to the Agreement to proVIde for modIficatIOn or Waiver of landscapIng and sIgnage regulatIOns and standards In the Land Development Code for the proposed proJect.