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FIRST AMENDMENT TO CHAPTER 380 ECONOMIC DEVELOPMENT <br />AGREEMENT BETWEEN THE CITY OF SAN MARCOS, TEXAS AND <br />401 NORTH FREDERICKSBURG ACQUISITION, L.L.C. <br />This amendment (the "First Amendment ") is entered into by and between the City of San <br />Marcos, Texas (the "City ") and 401 North Fredericksburg Acquisition, L.L.C., a Texas limited <br />liability company (the "Developer ") and hereby amends, supplements and modifies that certain <br />Chapter 380 Economic Development Agreement between the City and the Developer dated to be <br />effective the 201h day of July, 2010 (the "Agreement "). The City and the Developer may also <br />collectively be referred to as the "Parties." <br />Section 1. Recitals <br />A. The Agreement provides that the Developer will demolish an existing multi- <br />family complex (the "Old Facility" as defined in the Agreement) on a 2.712 acre tract of land in <br />the CBA (the "Land" as defined in the Agreement) and complete construction of a new LEED <br />certified multi - family complex (the "New Facility" as defined in the Agreement) by August 15, <br />2012. <br />B. Upon completion of the New Facility by such date and compliance with the other <br />terms of the Agreement, the Developer would be eligible to receive grant payments from the City <br />in the form of partial reimbursements of real property ad valorem taxes paid in connection with <br />the New Facility. <br />C. The Developer has requested that the Agreement be amended to change the <br />required year of completion for the New Facility from 2012 to 2013. <br />D. The City is amenable to such an amendment provided the Developer ensures that <br />demolition of the Old Facility will be completed expeditiously. <br />