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<br /> 103 <br /> DEVELOPMENT INCENTIVE AGREEMENT BETWEEN <br /> THE CITY OF SAN MARCOS AND DOUBLE EAGLE VENTURES, INC. <br /> FOR PROPOSED CONWAY ADDITION SECTION 4 DEVELOPMENT <br /> IN THE 600 AND 700 BLOCKS OF STURGEON STREET <br /> This development incentive agreement (this "Agreement") is entered into between <br /> the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and Double <br /> Eagle Ventures, Inc. (the "Developer"), a Texas corporation. <br /> SECTION 1. GENERAL PROVISIONS <br /> A. This Agreement is authorized and governed by the City's Infill Development <br /> Incentives Policy (the "Policy") adopted in Resolution 1996-63R on April 8, 1996. <br /> B. The Developer owns the 3.99 acre tract of property depicted on the attached <br /> Exhibit A, located in the 600 and 700 blocks of the proposed extension of Surgeon Street <br /> in San Marcos. Hays County, Texas (the "Property"). The Property is vaca nt and <br /> undeveloped and is situated within an otherwise developed area within the City, and the <br /> Property meets the minimum criteria for eligibility under the Policy. The development <br /> proposed-for the Property by the Developer (the "Project") would expand the local tax base, <br /> provide affordable housing, satisfy housing needs of the community, and be compatible <br /> with existing nearby land uses. <br /> C. The Developer agrees that the Project must conform to all applicable City <br /> ordinances and regulations, including but not limited to the City's Master Plan, and Chapter <br /> 5-Buildings and Building Regulations, Chapter 74-Streets and Sidewalks, Chapter 94- <br /> Development Standards, Chapter 110-Subdivisions, and Chapter 114- Zoning, of the San <br /> Marcos City Code. <br /> SECTION 2. THE PROJECT <br /> A. The Project consists of the development of the Property into a 20-lot <br /> subdivision. The Project includes the construction of Sturgeon Street from its intersection <br /> with River Road Northeast a distance of approximately 1400 feet, and the extension of <br /> utility facilities, all in accordance with the construction plans to be submitted by the <br /> Developer and as approved by the City. While not a part of the Project, single-family <br /> residences will be constructed on the lots in this subdivision, either by the Developer or by <br />