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Section 1.05. The City has determined that entering into and providing economic <br />development incentives under this Agreement will promote local economic development and <br />stimulate business and commercial activity in the City. <br />Section 1.06. For the reasons stated in these Recitals and in consideration of the mutual <br />benefits to and promises of the Parties set forth below, the Parties want to enter into this <br />Agreement and agree to the terms and conditions set forth in this Agreement. <br />ARTICLE II <br />DEFINITIONS <br />Section 2.01. `Base Tax Year Value" means the ad valorem tax value of the Land (as <br />defined below) as established by the Hays County Tax Assessor-Collector's Office for calendar <br />year 2014. <br />Section 2.02. "Business" means the business activities of Triangle conducted in the <br />City of San Marcos, Texas on the Land (as defined below), including, but not limited to the <br />manufacturing and distribution of reciprocal pump valve assemblies and assembly components. <br />Section 2.03. "Grant Payments" means the City's payments to Triangle once per year <br />of an amount equal to 70 percent of the Property Taxes generated by from the Land in each of <br />the years 201.5 through 2019. <br />Section 2.04. "Job(s)" means a permanent, full-time employment position resulting <br />from the Project (defined below), that provides 2,000 annual full time hours of employment or <br />equivalent, health and disability insurance, paid sick days, and annual paid vacation based on <br />length of service and paid holidays. Any position not meeting such criteria does not qualify as a <br />"Job" for purposes of this Agreement. <br />Section 2.05. "Land' means the real property within the city limits of the City of San <br />Marcos, Texas upon which the Project shall be executed. At such time as the location of the <br />