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I I I RESOLUTION NO. 2006- 188 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS APPROVING A THIRD AMENDMENT TO THE MASTER DEVELOPMENT AGREEMENT BETWEEN THE CITY AND JQH - SAN MARCOS DEVELOPMENT, LLC REGARDING THE HOTEL AND CONFERENCE CENTER PROJECT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council approved a Master Development Agreement (the "Agreement") with JQH - San Marcos Development, LLC on February 7, 2006 for the development of a hotel and conference center project (the "Project") at the intersection of IH-35 South and McCarty Lane. The Agreement included a deadline of September 22, 2006 for JQH to inform the City of a decision to "opt out" of the Project. 2. The City Council, by resolution adopted on September 19, 2006, approved a First Amendment to the Agreement extending to October 3,2006 the deadline for JQH to inform the City of a decision to "opt out" of the Project. The City Council, by resolution adopted on October 17, 2006, approved a Second Amendment to the Agreement extending to November 10,2006 the deadline for JQH to inform the City of a decision to "opt out" of the Project. 3. JQH has requested another extension of the deadline for JQH to inform the City of a decision to "opt out" of the Project. 4. The City Council wishes to approve the attached Third Amendment to the Master Development Agreement to extend the deadline for JQH to inform the City of a decision to "opt out" of the Project. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The terms and conditions of the attached Third Amendment to the Master Development Agreement are approved. PART 2. The City Manager, Dan O'Leary, and the City's attorneys, Andy Quittner and Pete Broderick, are authorized and directed to negotiate changes to and finalize the Third Amendment to Master Development Agreement and related documents in the manner they deem necessary and appropriate, and the City Manager, Dan O'Leary, is authorized to execute the final agreements and related documents, as changed and finalized, on behalf of the City. The City Manager's execution of the agreements shall be deemed to be conclusive evidence that the intent of this resolution is met and that the execution of the agreements was duly authorized by the City Council. PART 3. This resolution is effective immediately upon adoption. ADOPTED on November 15,2006. ~~kfJ l.tUI0.x,' " Susan Narvaiz (j Mayor \, I' iJ,LA/17