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231 RESOLUTION 1998- 223 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF A DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE CITY AND LEGEND COMMUNITIES, INC, D/B/A SDC AUSTIN COMMUNITIES FOR A PROPOSED SUBDIVISION DEVELOPMENT ADJACENT TO THE CASTLE FOREST SUBDIVISION; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. Legend Communities, Inc. d/b/aSDC Austin Communities (the "Developer") owns the 44,93 acre tract of property depicted on the attached Exhibit A, located adjacent to the Castle Forest Subdivision in San Marcos, Hays County, Texas (the "Property"). 2. The Property is vacant and undeveloped and is situated within an otherwise developed area within the City, and the Property meets the minimum criteria for eligibility under the City's Infill Development Incentives Policy. 3. The development proposed for the Property by the Developer (the "Project") would expand the local tax base, provide affordable housing, satisfy housing needs of the community, and be compatible with existing nearby land uses. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The terms and conditions of the Development Incentive Agreement attached to this Resolution between the City and the Developer for the proposed subdivision development adjacent to the Castle Forest Subdivision are approved. PART 2. The City Manager, Larry D, Gilley, is authorized to execute this Agreement on behalf of the City. PART 3. This Resolution is in full force and effect immediately upon its passage. ADOPTED this 23rd day of November ,1998. ~'ì. ~ Billy. Moore Mayor ~. ! ~úŸJ{. ~ ~)~ Ja is K, Womack City Secretary See Resolution 1999-4R adopted on January 11, 1999 which revised the Development Incentive Agreement.