AGENDA CAPTION:
Title
Consider approval of Resolution 2015-64R, approving an Economic Development Incentive Agreement with San Marcos 123 and 35 Partners Two, L.L.C., that waives certain sign standards under the City’s Land Development Code in order to allow a freestanding pole sign within the San Marcos River corridor in connection with a proposed commercial development at Luciano Flores Boulevard and IH-35 North; and declaring an effective date.
Body
Meeting date: June 2, 2015
Department: City Manager’s Office
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
CITY COUNCIL GOAL: Economic Vitality and Responsible Finances
BACKGROUND:
The City seeks to promote local economic development and to stimulate business and commercial activity in the City by, among other things, entering into Economic Development Incentives Agreements as provided under Chapter 380 of the Texas Local Government Code.
San Marcos 123 and 35 Partners, L.L.C. has acquired approximately six acres of land on Luciano Flores Boulevard and the Interstate 35 North frontage road, and proposes to develop the property with the construction of one or more new structures and signage
The City wishes to induce San Marcos 123 and 35 Partners, L.L.C. to develop a high-quality real estate project, as doing so would benefit the City through substantial investment in, and improvements to, real property, and the generation of additional sales and property tax revenue.
The attached Chapter 380 Economic Development Incentive Agreement includes the following provisions:
• The Owner will make a total capital investment in real property of no less than $1,250,000, and total capital investment in new improvements of no less than $3,000,000 on the Site.
• The Owner shall develop a portion of the Site for commercial occupancy by a restaurant advertised and marketed to the public as “Freddy’s Frozen Custard and Steakburger.”
• The Owner shall develop the remaining portion of the Site for commercial occupancy by a dine-in only restaurant with no drive-through component as approved by the City Manager of the City.
• The Owner shall be eligible to receive a permit from the City for installation of an on-premise freestanding pole sign along the boundary of the Site that fronts the IH-35 frontage road.
The City is authorized under Chapter 380 of the Local Government Code to offer economic development incentives for public purposes, including the promotion of local economic development and the stimulation of business and commercial activity in the City. Staff has determined that providing economic development incentives under this agreement will provide mutual benefit to the parties, and recommends City Council approval.