Res 2011-131 - Laserfiche WebLink

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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT Pursuant to Section 1.4.4.1 of the City of San Marcos Land Development Code, this agreement (the "Agreement ") is entered into by and between The Rooftop on the Square, L.L.C. ( "Owner") and the City of San Marcos, Texas (the "City "). The Owner and the City are collectively referred to as the "Parties ". PART 1. RECITALS Section 1.01. The City seeks to promote local economic development and to stimulate business and commercial activity in the City by, among other things, encouraging new in -fill development and job creation in the downtown area. Section 1.02. The real property and improvements at 126 South Guadalupe Street (the "Property") have remained vacant for several years and have fallen into decline. Section 1.03. The Owner has proposed and intends to redevelop the Property by remodeling the existing structure and opening a restaurant serving, beer, wine and mixed beverages on the premises (the "Project "). Section 1.04. Pursuant to the requirements of Section 4.3.4.2 (b)(8) the City's Land Development Code ( "LDC ") the Owner is subject a six -month waiting period before beer and wine may be sold from the Property for on- premises consumption and a 12 month waiting period before mixed beverages may be sold from the Property for on- premises consumption. The waiting periods are major impediments to Owner's redevelopment of the Property and the Owner seeks a waiver of these waiting periods. Section 1.05. The City Council finds that the Owner's request for a waiver complies with the requirements for granting a waiver of certain requirements of the LDC for economic development purposes under Section 1.4.4.1 of the LDC. The City Council, therefore, is amenable to waiving the applicability of the waiting periods to the Project. Section 1.06. In consideration of the mutual benefits stated in the Agreement and the promises of the Parties set forth below, the Parties enter into this Agreement and agree to the terms and conditions set forth in this Agreement. PART 2. OBLIGATIONS OF OWNER Section 2.01. Execution of the Project. On or before December 31, 2011 the Owner will commence execution of the Project to include building renovation, landscaping, signage and related improvements in conformance with plans and specifications approved by the City's Department of Development Services. The Owner will pursue completion of the Project with commercially reasonable diligence, subject to Force Majeure events as defined in Section 5.05 below. The Owner, in executing the Project, shall comply with all requirements of all applicable City of San Marcos processes, procedures, ordinances, rules, regulations and standards. 0