Res 2013-154/Approving an economic development incentive agreement with Mensor Corp.

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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT Pursuant to Section 1.4.4.1 of the City of San Marcos Land Development Code, this agreement (the "Agreement ") is entered into by and between Mensor Corporation, a Texas corporation, 201 Barnes Drive, San Marcos, Texas ( "Owner "), and the City of San Marcos, Texas, 630 East Hopkins Street, San Marcos, Texas 78666 (the "City "). The Owner and the City are collectively referred to as the "Parties ". PART 1. RECITALS Section 1.01. The Owner owns and operates a facility at 201 Barnes Drive (the "Property") where it manufactures high accuracy precision instruments. The company has developed an international reputation for quality products and service. Section 1.02. The Owner proposes to build a new 45,000 square foot facility adjacent to its existing 26,000 square foot facility. The expansion will help support its growth and help allocate additional resources and personnel to their operations. With the expansion, Owner estimates that it will hire an additional 40 employees over the next 10 years. Section 1.03. The Property is a lot that has street frontage along both Barnes Drive and Interstate Highway 35 (11-1-35 "). The expansion triggers a requirement under Section 7.4.2.3 of the City's Land Development Code ( "LDC ") to install sidewalks on both sides of the lot that front public streets. The Owner seeks a waiver of this requirement that would allow it to install sidewalks only along Barnes Drive. Section 1.04. The City seeks to promote local economic development and to stimulate business and commercial activity in the City and wishes to facilitate the Owner's proposed expansion by waiving certain standards for sidewalks under the LDC in furtherance of such objectives of the City. Section 1.05. In consideration of the mutual benefits stated herein and the promises of the Parties set forth below, the Parties enter into this Agreement and agree to the terms and conditions set forth in this Agreement. PART 2. OBLIGATIONS OF OWNER Section 2.01. Facility Expansion. On or before January 1, 2014 the Owner will commence construction of the new 45,000 square foot facility in accordance with plans and specifications approved by the City in substantial conformance with the plans shown in Exhibit "A," attached hereto and made a part hereof, to expand its existing operations and support the Owner's ability to employ up to 40 additional employees over the next 10 years (the "Project "). For purposes of this section, the date of issuance of building permits by the City for the Project shall be considered the date upon which construction commences. Section 2.02. Project Completion. The Owner shall complete the Project on or before November 30, 2014. For purposes of this section, the date of issuance of a final Certificate of Occupancy by the City for the Project shall be considered the date upon which the Project is