Res 1999-004 - Laserfiche WebLink

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Page 2 subdivision of 165-170 lots. The Project also includes the construction of internal streets and the extension of utility facilities, all in accordance with the construction plans to be submitted by the Developer and as approved by the City. The total estimated cost of the Project is approximately $2,500,000. While not a part ofthe Project, single-family residences will be constructed on the lots in this subdivision, either by the Developer or by others. The conceptual plan of the Project attached as Exhibit C is approved; however, subdivision platting of the Project is subject to review and approval by the City's Planning and Zoning Commission, and construction plans for the Project are subject to review and approval by the City staff. B. The Developer will complete the Project in phases. The Developer agrees to complete the construction of the first phase of the Project, which includes the Realignment, by December 31, 1999, and to complete the balance ofthe Project by December 30, 2002. C. The Developer agrees that the use of the Project upon completion will be for single- family residential purposes only in accordance with the current zoning designation of the Property. D. The City will have access to the Property during the City's normal business hours for the purpose of inspecting the Project to ensure that it is constructed, maintained and used in accordance with this Agreement. 3. DEVELOPMENT INCENTIVES A. In consideration for the construction of the Project by the Developer, and the agreement by the Developer that at least 50% ofthe homes in the subdivision will be sold to households earning 80% or less ofthe median income for the San Marcos area as established by the U.S. Department of Housing and Urban Development ("Affordable Buyers"), the City agrees to waive City fees (the "Fee Waiver") associated with the Project, including those for subdivision platting, engineering review, and site development. Any of these fees that have already been paid will be refunded by the City. The City also agrees to waive fees for building permits, plan checking, water and wastewater connections, and contractor licensing associated with the construction of single-family residences on the Property by the Developer or by others that become payable on or before December 31, 2002. In the event a home in the Project is sold to a party other than an Affordable Buyer, then the home builder will be responsible for payment of the full amount of any F ee Waiver associated with the home. The home builder will present written verification of the eligibility of a buyer as an