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<br />I <br /> <br />DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE <br />CITY OF SAN MARCOS AND CHARLES AUSTIN, PRINCIPAL FOR <br />AUSTIN-ZINKGRAF, LLC. D/B/A SO HIGH SPORTS AND FITNESS CENTER, <br />FOR A COMMERCIAL DEVELOPMENT PROJECT <br /> <br />This development incentive agreement (this "Agreement") is entered into between the City of <br />San Marcos, Texas (the "City"), a Texas municipal corporation, and Charles Austin as principal for <br />Austin-Zinkgraf, LLC d/b/a So High Sports and Fitness Center ("So High"). <br />PART 1. GENERAL PROVISIONS <br /> <br />I <br /> <br />Section 1.01. This Agreement is authorized and governed by the Economic Development <br />Incentives Policy (the "Policy") adopted by the City Council by Resolution 2006-91 R. <br />Section 1.02. So High is constructing an 11,395 square foot sports and fitness center on a <br />1.73 acre lot, located at 120 South Reimer in San Marcos, Hays County, Texas. The Property meets <br />the eligibility criteria for development incentives under the Policy. <br />Section 1.03. So High agrees to ensure that all of the improvements described in Part 2 <br />below will conform to all applicable City ordinances and regulations, including but not limited to the <br />City's Master Plan, and Chapter 5-Buildings and Building Regulations, of the San Marcos City <br />Code, and the applicable provisions of the City Land Development Code. <br />PART2. PROPERTY IMPROVEMENTS <br /> <br />Section 2.01. So High intends to construct a new 11,395 square foot building (the <br />"Building") and related facilities on the Property at a cost of approximately $650,000. <br />Section 2.02. So High will ensure that the construction of the Building and related facilities <br />is completed by December 31, 2007. <br />Section 2.03. So High agrees to retain a level of at least 4 employees after completion of the <br />Building during the one-year period of calendar year 2008. <br />PART 3. ECONOMIC INCENTIVES PROVIDED BY THE CITY <br /> <br />Section 3.01. As consideration for the construction of the Building and the retention of the <br />jobs described in Part 2 above, the City agrees to provide the following incentives and benefits to So <br /> <br />High: <br /> <br />I <br /> <br />1. The City agrees to waive all City fees (the "Fee Waiver") associated with zoning the <br />subdivision and site preparation process, utility connections, and building permits and <br />inspections associated with the construction of the Building and related facilities. The <br /> <br />Page 1 of 4 <br />