Res 2007-114 - Laserfiche WebLink

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CAPITAL IMPROVEMENT AGREEMENT FOR SLC 61 JOINT VENTURE This Agreement is made on June 19 , 2007 between the City of San Marcos, a Texas municipal corporation (the "City"), 630 E. Hopkins, San Marcos, TX 78666, and SLC 61 Joint Venture ("SLC") San Marcos, TX 78666. RECITALS: 1. SLC owns the 7.4 acre, more or less, tract of property (the "Property") described as Development Reserve A on the attached Exhibit "A" - Cottonwood Crossing Phase Two Section 1 Final Plat, located along Sadler Drive in San Marcos, Hays County, Texas. SLC also owns Development Reserve B located southwest of the dedicated Right-of-Way for Cottonwood Parkway, in the flood plain and floodway of Cottonwood Creek also shown on Exhibit "A". 2. SLC previously entered into a funding agreement with the City of San Marcos for the construction of one half of Cottonwood Parkway located between Sadler Drive and Leah Avenue in association with the Final Plat Cottonwood Crossing Lot 1, Block "A" & Parkland. And SLC has previously dedicated the entire right-of-way for Cottonwood Parkway from Leah Avenue to the eastern edge of the Property. 3. SLC is now in the process of platting the Property described as Development Reserve "A" to Proposed Lot 2, Block B, Cottonwood Crossing, Phase 2, Section 2. 4. SLC desires to waive the construction of certain public improvements associated with the platting of the Property. 5. The City's development regulations would normally require SLC to construct Cottonwood Parkway in connection with the platting of Development Reserve A & B. However, Development Reserve B consists predominately of floodway and floodplain for Cottonwood Creek which limits its ability to be developed. The City's Land Development Code supports the dedication of property adjacent to stream and river corridors for preservation of greenspace and water quality. Therefore, SLC 61 wishes to dedicate for parkland/greenspace purposes Development Reserve B to the City. The dedication of Development Reserve B is in excess of parkland dedication requirements under the City's Land Development Code. 6. With development limited to the Property at standard intensity and the dedication of parkland/greenspace, the street construction requirement for Cottonwood Parkway adjacent the Property is not roughly proportional to the anticipated intensity of its development. AGREEMENT: For and in consideration of the promises and the mutual agreements set forth herein, the City and SLC agree as follows: 1. Agreements by SLC. SLC agrees as follows: