Res 2005-166 - Laserfiche WebLink

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follows (underlining indicates added text; overstrike indicates deleted text): Sales Tax Deficiency means, for the first Annual Period, the amount, if any, by which the Facility Sales Taxes for that Annual Period are less than the Facility Sales Taxes for the calendar year 2004. For each remaining Annual Period, Sales Tax Deficiencv means the amount, if any, by which the Facility Sales Taxes for that Annual Period are less than the Facility Sales Taxes for the immediately preceding Annual Period. 3) Section 2.01 of the Agreement is amended as follows (underlining indicates added text; o'/erstrike indicates deleted text): Section 2.01. Prime agrees to construct the Project te at a total estimated cost of $46,000.000. Phase I of the Project will consist of the demolition of approximately 70,000 square feet of existing buildings, and the construction of the Facility Expansion at least 154.779 square feet of new retail merchandising. storage and office space located on the Facility Expansion Area, together with appurtenances including terraces, fountains, walkways, landscaping and parking and driveway areas, at an estimated cost of $20,000,000. Prime agrees that the Facility Expansion will consist of at least 151,779 square feet of ne'N retail merchandising, storage and office space located on the Facility Expansion ,^...rea. Prime agrees to commence the construction of the Project on or before December 31, 2004, and to complete the construction of Phase I of the Project on or before December 31, 2005. Phase II of the Project will consist of the construction of at least 73.000 square feet of new retail merchandising. storage and office space located on the Facility Expansion Area. together with appurtenances including terraces. fountains. walkways. landscaping and parking and driveway areas. Prime agrees to complete the construction of Phase II of the Project on or before July 31. 2006. Prime agrees to ensure that all of the construction and renovation work related to the Project conforms to all applicable City ordinances and regulations, including but not limited to the City's Master Plan, and Chapter 14-Buildings and Building Regulations, Chapter 86-Utilities, Chapter 91 Development Standards, Chapter 110 Subdivisions, and Chapter 111 Zoning, of the San Marcos City Code. and applicable provisions of the City's Land Development Code (subject to Section 3.08 below). 4) Section 2.07 is added to the Agreement to read as follows: Section 2.07. Prime agrees to construct, as part of Phase II of the Project, and to thereafter provide for the use of the City for a period of ten years from the completion of Phase II of the Project, a space within or adjacent to the Food Court area of the Facility at least 625 square feet in size to serve as a Tourist Information Center, at no rental cost to the City. Prime will finish out this area to the City's reasonable specifications as part of Phase II of the Project. Prime agrees to negotiate and execute with the City a lease of this area to the City for the ten-year period. The City may sublease the Tourist Information Center area to an organization such as the San Marcos Area Chamber of Commerce with the approval of Prime. 2