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I I I e e Economic Development Incentives Policy June 2006 Page 9 H. Any other information that will assist the City with determining the economic impact of the project or that is requested by the City. I I. For incentive requests that involve the acquisition of land, the application must include a disclosure of the actual land purchase price. 2. Review Process A. The application will be reviewed for completeness and accuracy by the City Manager's staff and comments will be received from appropriate city departments. Once this information is compiled, the application, review comments and a staff recommendation will be forwarded to the City Council and to other entities which may be involved in offering incentives. After review by the City Council and other entities, additional information may be requested of the applicant. B All requirements of Chapter 311 of the Texas Tax Code shall be followed, if tax increment financing is requested. All requirements of Chapter 312, of the Texas Tax Code, known as the Property Redevelopment and Tax Abatement Act, shall be followed, if a property tax abatement is requested. All requirements of Chapter 380 of the Local Government Code shall be followed, if sales tax rebates are requested. C Applications for tax abatement and/or any other economic incentives made to the City will be denied if the City finds that any material misstatement of fact has been made by the applicant. 3. Approval of Incentive ReQuest If the City Council determines that it is in the best interest of the City of San Marcos to provide incentives to a particular applicant, a resolution shall be adopted approving the terms and conditions of the economic development incentive agreement. The agreement contract will include the following elements: A. An enumeration of the types and duration of incentives to be provided and the conditions which are applicable to them. B A timetable and list of the kind and amount of property values, revenues, incomes or other public benefits that the proposed project will provide or development that the project will include, and conditions to assure that the project meets or exceeds the City's requirements pertaining to property values and revenues, which in no event shall be less than the minimum project requirements established in the minimum requirements listed above. C. A legal description of any property to be designated as a reinvestment zone for the purposes of the agreement. D. Detailed information regarding the type, number, location and cost of planned improvements. E. A provision to allow access to and inspection of the property and proposed improvements by City inspectors and officials to ensure that the improvements are made according to the requirements and conditions of the agreement. F A provision limiting the uses of the property consistent with the general purpose of encouraging development or redevelopment during the period that tax abatements and/or other economic development incentives are in effect. G A method to provide for the recovery of property tax revenues and all waived fees and costs which are lost as a result of the agreement if the applicant fails to perform its obligations under the terms of the agreement. H A provision requiring the proposed project to make use of local contractors, suppliers and labor force (from the San Marcos area) during construction and/or operation, if such use was considered in determining the incentives to be provided by the City. I A provision establishing the duration of the Agreement. J. A provision providing a tangible means for measuring whether the applicant and other responsible parties have met their obligations under the Agreement. K. A provision for cancellation of the Agreement and/or non-payment of incentives if the project is determined to not be in compliance with the Agreement. L. A provision for granting lien rights to the City with respect to real or personal property purchased with funds granted or loaned by the City M. A provision that allows assignment of the Agreement with prior written approval of the City Council, or without the prior written approval of the City Council provided that: 1 All rights, duties, obligations and liabilities under the Agreement are assigned from the as signor to the assignee, and 2. The assignment is made subject and subordinate to the Agreement and these City of San Marcos Economic Development Incentives Policies, and I I