Res 2003-032 - Laserfiche WebLink

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STATE OF TEXAS COUNTY OF HAYS CITY OF SAN MARCOS § § § CITY OF SAN MARCOS, TEXAS LEASE OF REAL PROPERTY FOR REAL ESTATE DEVELOPMENT PROJECT This lease agreement (this "Lease") is between the City of San Marcos, Texas (the "City"), and Cal Tex Partners L TO, a Texas general partnership (the "Company"). The purpose of this Lease is to further economic growth in the San Marcos community through a real estate development project, as described in detail in the Revolving Loan Fund Contract (the "RLF Contract") between the City and the Company dated February 10, 2003. The parties, for and in consideration of the agreements herein set forth to be kept and performed by them respectively, have agreed to and do hereby agree together as follows: 1. GENERAL AGREEMENT This Lease involves a real estate development project (the "Project") by the Company funded through the City's Revolving Loan Fund Program in order to further economic development in the San Marcos community. The Project will provide real estate improvements In the form of building improvements to support the operations of the Company. These real estate improvements will allow the Company to expand its operations in the City's extraterritorial jurisdiction (ET J). After construction of the real estate improvements, the Company will employ a percentage of low-to-moderate income ("LMI") persons as detailed in the RLF Contract and this Lease. 2. REAL ESTATE IMPROVEMENTS A. Improvements. The City shall construct real estate improvements in the form of landscaping, site utility improvements, septic system, signage, and other site improvements related to the building façade as needed as more fully described in Exhibit A ("Performance Statement"). Except as provided in this section, the construction of the Real Estate improvements shall begin no later than January 31, 2004 and must proceed with all due diligence and skill until completed, and be completed no later than December 31, 2004. B. Construction Schedule. If the time of commencement or completion of construction of the Real Estate Improvements is delayed because of material shortages, labor disruptions, war, insurrection, governmental restrictions, fire, flood, storm or any other cause not reasonably within control of the City (including the City's contractor), the time for commencement and completion will be extended for as many days as construction is delayed by one of the factors listed in this section. C. Engineering Design. The Company shall expend the Company's funds to pay for project-related engineering services. D. Criteria for Completion of Construction. Construction will be deemed completed upon issuance of the Certificate of Substantial Completion as executed by the Company's Architect/Engineer. 3. COMPLIANCE WITH RLF PROVISIONS A. Job Creation. The Company shall create a minimum of 12 equivalent permanent jobs, of which at least seven shall be provided to low and moderate income persons, prior to the expiration date of this contract. In the event more than 12 jobs are created, the Company shall ensure that at least fifty-one percent (51 '!o) of all jobs created are provided to LMI persons. An LMI person is defined by the current U.S. Department of Housing and Urban Development Section 8 Housing Assistance Program for Existing Housing income guidelines for the County of Hays, Texas. The Company agrees to create and hire employees as follows: