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

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economic development objectives of the City. Section 1.05. For the reasons stated in these Recitals and in consideration of the mutual benefits to and promises of the Parties set forth below, the Parties want to enter into this Agreement and agree to the terms and conditions set forth in this Agreement. ARTICLE II DEFINITIONS Section 2.01. "Base Tax Year Value" means the ad valorem tax value of the Land (as defined below) as established by the Hays County Tax Assessor - Collector's Office for calendar year 2013. Section 2.02. "Building Improvements" means approximately 162,000 square feet of new "spec" building improvements located on the Land consisting of a 67,670 square foot building and a 94,800 square foot building suitable for lease to and finish out by one or more tenants for the tenant's specific commercial or industrial uses as allowed under applicable zoning and other land use regulations and ordinances, the specifications for which are detailed in Exhibit "A," attached hereto and made a part hereof for all purposes. Section 2.03. "Grant Payments" means the City's annual payments to the Developer for a period of three years during the Term of amounts equal to a percentage of Real Property Taxes paid by Developer and received by the City in the manner provided in this Agreement below. Section 2.04. "Land" means the approximately 15 acre tract of real property and improvements thereon within the city limits of the City of San Marcos, Texas located at 1600 Clovis Barker upon which the Building Improvements will be constructed, a map, plat or survey of which is attached as Exhibit "B" and made apart hereof for all purposes. Section 2.05. "Real Property Taxes" in any given year during the Term of this Agreement are the City's share of the ad valorem taxes on the Land attributable to each building