Laserfiche WebLink
<br />I <br /> <br />I <br /> <br />I <br /> <br />RESOLUTION NO. 2005-~LR <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, APPROVING AMENDMENT NO. 2 TO THE <br />ECONOMIC DEVELOPMENT AGREEMENT BETWEEN THE CITY, <br />SAN MARCOS FACTORY STORES, LTD. AND PRIME OUTLETS SAN <br />MARCOS. L.P. RELATED TO AN EXPANSION AND RENOVATION <br />PROJECT AT PRIME OUTLETS AT SAN MARCOS; AUTHORIZING <br />THE CITY MANAGER TO SIGN THE AMENDMENT; AND <br />DECLARING AN EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. The City, San Marcos Factory Stores, Ltd. ("SMFS"), and Prime Outlets at San Marcos II, <br />L.P. ("POSM") entered into an Agreement approved by the City Council in Resolution 2004-169R, <br />for the purpose of facilitating a project (the "Project") to renovate and expand Prime Outlets at San <br />Marcos, the existing retail facility owned by SMFS and POSM in the City. <br /> <br />2. Prime Outlets at San Marcos, together with Tanger Factory Outlets, has for several years <br />been among the most popular tourist destinations in the State of Texas, and generates significant <br />sales and use tax revenues for the City. <br /> <br />3. SMFS and POSM recently submitted a proposal to the City for increasing the scale of the <br />Project, and a request to increase the City's sales tax incentive payments related to the Proj ect based <br />on the increase in the Project's scale and the provision of an area to the City for use as a Tourist <br />Information Center. <br /> <br />4. The City Council wishes to approve an amendment to the Agreement under which SMFS <br />and POSM will increase the scale ofthe Project and make an area of the Project available to the City <br />for use as a Tourist Information Center, and the City will increase its sales tax incentive payments to <br />SMFS and POSM based on the increase in the Project's scale and the provision ofan area to the City <br />for use as a Tourist Information Center, and certain other clarifying amendments will be made to the <br />Agreement. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. The attached Amendment No.2 to the Economic Development Agreement <br />between the City, San Marcos Factory Stores, Ltd. and Prime Outlets San Marcos, L.P. is approved. <br /> <br />P ART 2. The City Manager, Dan 0 'Leary, is authorized to execute the attached Amendment <br />on behalf ofthe City. <br /> <br />P ART 3. This Resolution is in full force and effect upon its adoption. <br /> <br />ADOPTED on November 1, 2005. <br />