Res 2003-092 - Laserfiche WebLink

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127. DEVELOPMENT AGREEMENT CONCERNING PROPOSED COTTONWOOD CREEK DEVELOPMENT This is an agreenlent by and between the City of San Marcos, a Texas home-rule municipal corporation (the "City") and Vision Land Group, Ltd., a Texas limited partnership (the "Developer"). RECITALS: 1. The Developer is the owner of those certain tracts of land in San Marcos, Texas, more fully described on the attached Exhibit A (the "Property"). 2. The City Plmming and Zoning Commission approved a Subdivision Master Plan (the "Master Plan") for the proposed Cottonwood Creek development (the "Project") on the Property on May 28, 2002, a copy of which is attached as Exhibit B; and the City Council has approved zoning for the Property. 3. The Developer desires to develop the Property in accordance with the Master Plan. 4. The City Council finds and determines that the development of the Project will be a significant initial step in promoting local economic development and stimulation of business and commercial activity in a preferred growth area of the City to the east of Interstate Highway 35 and along State Highway 123 South, and will significmatly increase the property tax base and retail sales of the City, and that construction of the Project is in the best interests of the City. 5. The City has enacted development mgulations which govern development of the Property, including but not linlited to the City of San Marcos subdivision regulations, construction codes, drainage and erosion control ordinance, construction standards and specifications for streets, utilities, and other public improvements, and zoning (the "Development Regulations"); and the Developer is proposing to develop the Project on the Property in accordance with the Development Regulations. 6. The City and the Developer have determined that the development of the Property will best be accomplished through a development agreement, and the Developer and the City desire to enter into a development agreement for the Project. AGREEMENT: For and in consideration of the promises and the mutual agreements set forth herein, the City mad the Developer hereby agree as follows: 1. The Project. The Developer is plamfing to develop the Project on the Property, to accommodate residential, commercial and public uses in accordance with the Master Plan. The development of the Project is expected to occur over a period of 15 years, through a series of subdivision plats. 2. Agreements by the Developer. The Developer agrees as follows: