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<br /> /#~!f <br /> - Page 2 <br /> C. The Developers agree 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, Chapt~r 11 O-Subdivisions, and Chapter 114- Zoning, of the San <br /> Marcos City Code. <br /> 2. THE PROJECT <br /> A. The Developers agree to construct the Project on the Property, the total <br /> estimated cost of which is approximately $190,000, to be completed by December 31, <br /> 1997. <br /> B. The Project consists of two phases: Phase 1 involves the relocation of a <br /> . <br /> 2,400 square foot residential structure to the Property and the conversion of this structure <br /> to two single-family dwelling units, at a cost of about $70,000; Phase 2 involves the <br /> construction of a three family residential structure on the Property at a cost of about <br /> $120,000. <br /> C. The Developers agree that the use .of the Project upon completion will be for <br /> residential purposes only in accordance with the current zoning designation of the <br /> Property. <br /> D. The City will have access to the Property during the City's normal business <br /> hours for the purpose of inspecting the Project to ensure that it is constructed, maintained <br /> and used in accordance with this Agreement. <br /> 3. DEVELOPMENT INCENTIVES <br /> In consideration for the construction of the Project by the Developers, the City <br />