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

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Section 3.01 the City shall make an initial Grant Payment to Triangle of an amount equal to 70 percent of Property Taxes generated by the Business on the Land in the year 2015. Provided Triangle maintains at least the number of Jobs initially created and continuously operates the Business on the Land during the Term, the City will shall make additional Grant Payments to Triangle once per year for the four years remaining in the Term. The total Grant Payment in any single year shall not exceed $8,400.00 and the cumulative amount of all Grant Payments over the Term of the Agreement shall not exceed $42,000.00. Section 4.03. Time for Payment. Grant Payments will be made by the City in the a calendar year immediately following the full calendar year in which the Property Taxes upon which the Grant Payment amount is based are generated. The City shall not be required to make a Grant Payment during any applicable year unless and until: (a) Triangle has submitted all information required under this Agreement necessary to verify its compliance; (b) the Property Taxes for the prior year are received by the City from the Hays County Tax Assessor-Collector; and (c) funds are appropriated by the San Marcos City Council for the specific purpose of making a Grant Payment under this Agreement as part of the City's ordinary budget and appropriations approval process. Provided the foregoing conditions have been satisfied and Triangle is, otherwise, in compliance with this Agreement, the City shall pay to Triangle any Grant Payments due within 60 days after the last to occur of the events in subsections (a), (b) and (c) of this Section. ARTICLE V REPRESENTATIONS AND WARRANTIES OF TRIANGLE As of the Effective Date, Triangle represents and warrants to the City, as follows: