Res 2007-112 - Laserfiche WebLink

Home Browse Search

I I I RESOLUTION NO. 2007- 112 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING AN AMENDED DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE CITY AND SAN MARCOS VISTA PARTNERS; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. On February 15, 2005, the City entered into an economic development agreement with San Marcos Vista Partners ("Vista") wherein Vista would construct a new professional office and medical facility at 1300 Wonder World Drive, in return for certain economic incentives, including an abatement of ad valorem taxes. 2. Due to changes in the scope of construction, including an increase of seven thousand square feet of occupied space for the project. Vista has requested an amendment to their agreement that would extend the construction completion date and the 75% occupancy date. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The City Manager, Dan O'Leary, and the City's attorney, Andy Quittner are authorized and directed to negotiate changes to and finalize the Amended Tax Abatement Agreement in substantially the same form as the Agreement that is attached to this Resolution; and, the City Manager, Dan O'Leary, is authorized to execute the final agreement as changed and finalized, on behalf of the City. The City Manager's execution of the agreement shall be deemed to be conclusive evidence that the intent of this resolution is met and that the execution of the agreement was duly authorized by the City Council. PART 2. The Amended Tax Abatement Agreement shall be effective as of the date of execution by the City Manager. ADOPTED on the 19th day of June 2007. ~~~ Mayor ~EW:" , ',: (~~_L"~,{ LS5JJL (. /) S e y Good)viA' Interim City Clerk