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<br /> - f?ofl <br /> TAX ABATEMENT AGREEMENT BETWEEN <br /> THE CITY OF SAN MARCOS AND ARVIND B. PATEL <br /> FOR NEW MOTEL FACILITY <br /> This tax abatement agreement (this "Agreement") is entered into between the City <br /> of San Marcos, Texas (the "City"), a Texas municipal corporation, and Arvind B. Patel (the <br /> "Developer"). <br /> PART 1. GENERAL PROVISIONS <br /> Section 1.01. This Agreement is authorized and governed by the Property <br /> Redevelopment and Tax Abatement Act (Chapter 312 of the Texas Tax Code), and by the <br /> City's Policy on Tax Abatement and Economic Development Incentives (the "Policy") <br /> adopted in Resolution 1995-48R on March 6, 1995. <br /> Section 1.02. The Developer owns Lot 59-A, Block 1 of the Rio Vista Terrace <br /> Subdivision (the "Property") in San Marcos, Hays County, Texas per the plat recorded in <br /> Volume 6, Page 80 of the Plat Records of Hays County, Texas. The Property meets the <br /> eligibility criteria for tax abatement under the Policy. The Property is situated within the <br /> City of San Marcos Reinvestment Zone No.9 designated by separate ordinance by the <br /> City Council. <br /> Section 1.03. The Property is not part of an improvement project financed with tax <br /> increment bonds. <br /> Section 1.04. This agreement is subject to the rights of the holders of outstanding <br /> bonds of the City. <br /> Section 1.05. The Property is not owned or leased by any member of the San <br /> Marcos City Council ar any member of the City Planning and Zoning Commission. <br /> Section 1.06. The Developer agrees to ensure that all of the Improvements <br /> described below will conform to all applicable City ordinances and regulations, including <br /> but not limited to the City's Master Plan, and Chapter 5-Buildings and Building Regulations, <br /> Chapter 74-Streets and Sidewalks, Chapter 94-Development Standards, Chapter 110- <br /> Subdivisions, and Chapter 114- Zoning, of the San Marcos City Code. <br /> PART 2. PROPERTY IMPROVEMENTS <br /> Section 2.01. The Developer agrees to have the Improvements, consisting of the <br /> following, performed and constructed on the Property: <br /> 1. Demolish old single story motel and associated buildings. <br /> 2. Construct a new 50-unit interior corridor two-story motel facility as depicted on the <br /> building and construction plans previously provided by the Developer to the City. <br /> Section 2.02. The total estimated cost of the Improvements is approximately <br /> $1,600,000. The Developer will ensure that the Improvements are completed by <br />