Res 2007-028 - Laserfiche WebLink

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I CAMTAL IMPROVEMENT AGREEMENT FOR STONE CREEK CROSSING DEVELOPMENT This Agreement is made as of this ih day of February, 2007 between the City of San Marcos, a Texas municipal corporation (the "City"), 630 E. Hopkins, San Marcos, TX 78666, and Creekside Square, Ltd., a Texas limited partnership ("Creekside"; Creekside and City are sometimes referred to herein collectively as the "Parties"), 301 Congress Avenue, Suite 120, Austin, TX 78701. RECIT ALS: 1. Creekside is in the process of acquiring a 119.165 acre, more or less, tract of property (the "Property") located near the McCarty Lane exit along IH-35 South in San Marcos, Hays County, Texas. 2. Creekside intends to construct a new shopping center facility on the Property. 3. For the purpose of making the Property more accessible, Creekside desires to have the entrance and exit ramps for the McCarty exit on southbound IH-35 reconfigured. A schematic diagram of this reconfiguration is attached to this agreement as Exhibit "A" (the "Project"). I 4. In order to accomplish the ramp reversal the City of San Marcos has entered into that certain Advance Funding Agreement with the Texas Department of Transportation (TxDOT) for the cost of this construction in the form of Exhibit "B" attached hereto (the "Advance Funding Agreement") . AGREEMENT: For and in consideration of the promises and the mutual agreements set forth herein, the City and Creekside agree as follows: 1. Agreements by the City. The City agrees to: A. The City will execute the Advance Funding Agreement with TxDOT, to make payments to the State as pass-throughs of payments made by Creekside to the City, and to coordinate the timely and efficient construction of the Project with the State. The City also agrees to refund to Creekside any amount refunded by the State to the City as a result of the true- up of Project costs within 10 days of the City's receipt of the refund from the State and the City will refund to Creekside any funds advanced by Creekside that are applied by TxDot to projects of the City other than the Project pursuant to the terms of the Advance Funding Agreement, provided that the foregoing shall not apply to funds that are applied to other projects for which Creekside is financially liable to the City pursuant to another agreement. I B. The City further agrees at no cost to Creekside, to timely perform its obligations as set forth in the Advance Funding Agreement.