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<br />74. <br /> <br />RESOLUTION 1999- 4 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, APPROVING THE TERMS AND <br />CONDITIONS OF A REVISED DEVELOPMENT INCENTIVE <br />AGREEMENT BETWEEN THE CITY AND LEGEND <br />COMMUNITIES, INC. D/B/A SDC AUSTIN COMMUNITIES <br />FOR THE PROPOSED CASTLE RIDGE SUBDIVISION <br />DEVELOPMENT; AUTHORIZING THE CITY MANAGER TO <br />EXECUTE THE AGREEMENT; AND DECLARING AN <br />EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. Legend Communities, Inc. d/b/a SDC Austin Communities (the "Developer") <br />has a contract to purchase the 44.93 acre tract of property depicted on the attached Exhibit <br />A, located adjacent to the Castle Forest Subdivision in San Marcos, Hays County, Texas <br />(the "Property"). <br /> <br />2. The Property is vacant and undeveloped and is situated within an otherwise <br />developed area within the City, and the Property meets the minimum criteria for eligibility <br />under the City's Infill Development Incentives Policy. <br /> <br />3. The development proposed for the Property by the Developer (the "Project") <br />would expand the local tax base, provide affordable housing, satisfy housing needs of the <br />community, and be compatible with existing nearby land uses. <br /> <br />4. The City Council approved a development incentive agreement with the <br />Developer for the Project on November 23, 1998, and the Council now wishes to approve <br />a revised version of that agreement. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. The terms and conditions of the Development Incentive Agreement <br />attached to this Resolution between the City and the Developer for the proposed Castle <br />Ridge Subdivision development are approved. <br /> <br />PART 2. The City Manager, Larry D. Gilley, is authorized to execute this Agreement <br />on behalf of the City. <br /> <br />PART 3. This Resolution is in full force and effect immediately upon its passage. <br /> <br />ADOPTED this 11th day of January <br /> <br />,1999. <br /> <br />\S~~~ <br />Billy G. Moore <br />Mayor <br /> <br />Atte&t: (/><::1 ) /1/1 / / <br />D{l #tIJ~ 9, I; ~/M11(;11 <br />Janis K. Womack <br />City Secretary <br />