Res 2013-172/Approving a 380 Economic Development Incentive Agreement w/Clovis Barker Business Park L.P

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CHAPTER 380 ECONONUC DEVELOPMENT INCENTIVE AGREEMENT As of November 19, 2013 (the "Effective Date ") this agreement (the "Agreement ") is entered into between the City of San Marcos, Texas (the "City "), a Texas municipal corporation, and Clovis Barker Business Park, L.P., a Texas limited partnership ( "Developer "). The City and Developer may also be collectively referred to as the "Parties" or individually as a "Party ". PART 1. RECITALS Section 1.01. The City seeks to attract and retain a diverse range of businesses that provide well paying jobs necessary for economic stability and growth. Section 1.02. Developer proposes to construct two speculative or "spec" shell buildings at 1600 Clovis Barker (the "Land" as further defined below) with a combined area of approximately 162,000 square feet that may be leased for commercial and/or industrial uses and finished out for each tenant's needs (the "Building Improvements" as further defined below). Developer seeks an economic development incentive from the City for the construction of the Building Improvements on the Land. Section 1.03. The City believes that the availability of such commercial and industrial space for lease will attract businesses seeking to relocate to or expand in the City in furtherance of the City's job creation and economic development goals and wishes to provide an incentive to developer for the construction of the Building Improvements. 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 and providing an incentive to Developer under the terms and conditions of this Agreement is consistent with the public purposes of Chapter 380 and the