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<br /> '. ,10,12- r¡ 1 :.1' ~31t <br /> i ..t Cf <br /> 2 <br />within the city limits of the, city o~.$an Marcos~ <br /> D. The property, is n'ót part of an improvement project <br />financed 1:;>y tax increment.,bc:;>nds. <br /> E. This Agreement ïs' entered ,into subject to the rights of <br />the holders of outstanding bonds of the city. <br /> F. The Property is not owned or. leased by any member of the <br />San Marcos' city Council or any member of the Ci.ty pianning <br />commission or any member of the City Zoning Commi~sion <br /> G. All proposed improvements, as described in part II, below <br />shall conform to all applicable City ordinances and regulations, <br />including but not limited to the City's Construction Codes, Master <br /> ~ <br />Plan, Subdivision Ordinance and Zoning Ordinance. <br /> 2. <br /> PROPERTY IMPROVEMENTS AND JOB CREATION <br /> A. Owners agree to construct improvements (the <br />"Improvements") on the Property, consisting of a new 81-unit motel <br />complex, the total estimated value qf which is approximately $2.2 <br />million. .The Owners shall complete the construction of the <br />Improvements by December 31, 1993. <br />B. The Owners agree to create and to have on the payroll at <br />least 10 new full-time job equivalents at the facilities described <br />above no later than February 1, 1994. For the purposes of this <br />Agreement, the requirement for each "full-time job equivalent" <br />shall be met by a total of 40 hours worked by one or more persons <br />during a calendar week. <br />