Res 2006-080 - Laserfiche WebLink

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I I I 52. ECONOMIC DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND TANGER PROPERTIES LIMITED PARTNERSHIP FOR RENOVATION OF RETAIL COMMERCIAL FACILITY This economic development agreement (the "Agreement") is entered into on May 2, 2006 (the "Effective Date") between the City of San Marcos, Texas (the "City") and Tanger Properties Limited P artnershi p ("Tanger"). RECITALS: 1. Tanger is the owner and operator of the Tanger Factory Outlet Center in San Marcos, Texas (the "Tanger Outlet Center"). The City and Tanger enter into this Economic Development Agreement pursuant to a program of the City under Chapter 380 of the Texas Local Government Code, for the purpose of facilitating the renovation of the Tanger Outlet Center. 2. Tanger Factory Outlets, together with Prime Outlets at San Marcos, has for several years been the third most popular tourist destination in the State of Texas, and generates significant tax revenues for the City. 3. Tanger is constructing a project to renovate the Tanger Outlet Center (the "Project"), and Tanger believes that the Project will result in continued strong retail sales at the Tanger Outlet Center, and in corresponding tax payments to the City. The Project does not include repairs to Tanger Outlet Center facilities associated with the storm damage that occurred on April 20, 2006. 4. The City's Economic Development Incentives Policy provides for waiving City development regulations and standards, especially where a development makes a unique or unequaled contribution to development or redevelopment efforts in the City of San Marcos, due to its magnitude, uniqueness to the community, or aesthetic quality. 5. The City Council finds and determines that the Project will make a unique contribution to development or redevelopment efforts in the City of San Marcos, due to its magnitude, uniqueness to the community, and aesthetic quality. 6. The City Council wishes to approve an Agreement with Tanger to provide for modification or waiver of signage regulations and standards in the Land Development Code for the Project. 7. The City Council finds and determines that this Agreement clearly promotes economic development in the City, meets the requirements of Chapter 380 of the Texas Local Government Code, and is in the best interests of the City. AGREEMENT: For and in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City and Tanger agree as follows: City of San Marcosrranger Economic Development Agreement Page I of4