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

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Land is established, a legal description for the Land, together with a map, plat or survey shall be attached as Exhibit "A" of this Agreement and made a part of this Agreement for all purposes. Section 2.06. "Personal Property" means all, materials, supplies, equipment or other personal property attributable to the Business on the Land subject to ad valorem taxes. Section 2.07. "Property Taxes" are the City's share of the ad valorem taxes received from the Hays County Tax Assessor- Collector on the value of all Personal Property and Real Property Improvements on the Land in excess of the Base Tax Year Value. Section 2.08. "Project' means the operation of the Business on the Land and the addition of Real Property Improvements (as defined below), Personal Property, and the creation of new Jobs. Section 2.09. "Real Property Improvements" means an approximately 15,000 square foot building and related facilities on the Land and having an estimated value of at least $750,000.00 to house and support the manufacturing and administrative functions of the Business . Section 2.10. The "Term" of this Agreement shall commence on the Effective Date and continue until December 31, 2019 (unless terminated sooner as provided in this Agreement), except that Triangle's obligation to submit a compliance certification for the year 2019 as provided under section 7.02 and the City's obligation, if any, to complete the Grant Payments due under this Agreement for the year 2019 shall continue subject to the limitations of this Agreement. ARTICLE III TRIANGLE'S OBLIGATIONS Section 3.01. Job Creation. On or before December 31, 2015 Triangle shall employ at least 19 persons in Jobs and keep such Jobs filled during the Tenn. While the titles or