Res 2013-164/Approving a Chapter 380 Economic Development Incentive agreement w/Triangle Pump

Home Browse Search

CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT As of October 15, 2013 (the "Effective Date") this Chapter 380 Economic Development Incentive Agreement (the "Agreement") is entered into between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and Triangle Pump Components, Inc., a Texas corporation ("Triangle"). The City and Triangle may also be referred to collectively as the "Parties" or individually as a "Par4l". PART 1. RECITALS Section 1.01. Triangle is a company that manufactures components for pumps. The company uses state-of-the-art systems and computer programs to address pump system problems that shorten the life of expendable parts and to ensure the continuing development of superior pump components in the future. Section 1.02. Triangle proposes to relocate its headquarters and manufacturing operations from Odessa, Texas to the City of San Marcos. Section 1.03. The City wishes to induce Triangle to relocate to the City, as doing so would benefit the City by creating new jobs and generating revenues for the City from the addition of personal property inventory and improvements to real property, each of which is subject to ad valorem tax assessment. Section 1.04. The City is authorized under Chapter 380 of the Texas Local Government Code ("Chapter 380") to offer certain economic development incentives for public purposes, including the promotion of local economic development and the stimulation of business and commercial activity in the City.