Res 2006-149 - Laserfiche WebLink

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FIRST AMENDMENT TO MASTER DEVELOPMENT AGREEMENT This First Amendment to Master Development Agreement (hereinafter referred to as the "Amendment") is executed and entered into this 20t~ay of September, 2006, to be effective September 14, 2006, by and between The City of San Marcos, Texas, a Texas municipal corporation (the "City"), JQH-San Marcos Development, LLC, a Missouri limited liability company ("JQH"), and Jo1m Q. Hammons, Trustee of The Revocable Trust of John Q. Hammons, Dated December 28, 1989, as amended and restated ("Guarantor"). R Eel TAL S: The following Recitals form the basis of, and are, therefore, made a part of, this Amendment: (a) City and JQH previously entered into that one certain Master Development Agreement dated effective as of March 6, 2006 (the "Development Agreement"); and (b) City, JQH and Guarantor agree to amend and modify the Development Agreement as set forth below. NOW, THEREFORE, for and in consideration of the premises and mutual covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, JQH, Guarantor and City hereby covenant and agree as follows: I. Amendments to the Development Agreement 1.1 Article VI, Section 6.1.3 is hereby amended in its entirety to read as follows: "6.1.3 Proiect Costs. The cost to construct the Hotel pursuant to the Approved Plans as reflected in the bid/final negotiated price received from JQH's preferred contractor for same not exceeding $46,000,000.00 and the Preliminary Cost Estimate for the Conference Center not exceeding $23,000,000.00. For purposes hereof, "Preliminary Cost Estimate" shall mean City's then estimate of the likely Actual Costs, as estimated by the City in its reasonable discretion, using an Initial Determination of the cost to construct the Conference Center and the City's reasonable estimate of the other costs to be included in Actual Costs. For purposes hereof, "Initial Determination" means a cost estimate obtained from the City's design-build contractor based on the Design Development Drawings for such improvements. For purposes hereof, "Design Development Drawings" means detailed architectural construction drawings and specifications for the improvements in question that are sufficient for a qualified contractor to determine the cost of constructing the improvements with reasonable accuracy 946147.2