AGENDA CAPTION:
Title
Consider approval of Resolution 2020-142R, approving a fourth addendum to the Chapter 380 Economic Development Incentive Agreement with Humpty Dumpty SSM, Ltd. in connection with the redevelopment of Springtown Shopping Center which amends the agreement to establish the year 2022 as the first year in which application for a grant payment may be made; authorizing the City Manager to execute the fourth addendum; and declaring and effective date.
Body
Meeting date: July 7, 2020
Department: City Manager
Amount & Source of Funding
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Fiscal Note:
Prior Council Action: The City Council approved a Chapter 380 Economic Development Incentive Agreement effective as of July 21, 2015, together with three amendments effective November 22, 2016, December 29, 2016; and August 3, 2017.
City Council Strategic Initiative: [Please select from the dropdown menu below]
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
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? Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Vision San Marcos - A River Runs Through Us
Background Information:
Due to the adverse budgetary impacts from COVID-19, consideration has been given to working with our Chapter 380 economic development agreement partners for the purpose of exploring mutually beneficial options to restructure grant payments based on the refund of property and/or sales taxes.
The Chapter 380 grant...
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