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comprising the Building Improvements received from the Tax Office in excess of the Base Tax <br />Year Value. <br />Section 2.06. "Tax Office" means the Hays County Tax Assessor - Collector. <br />Section 2.07. The "Term" of this Agreement shall commence on the Effective Date and <br />continue until the date that the third Grant Payment is due and finally paid, or such earlier date of <br />termination as provided under this Agreement. <br />ARTICLE III <br />DEVELOPER'S OBLIGATIONS <br />Section 3.01. Construction of Building Improvements. Developer shall begin <br />construction of the Building Improvements on or before March 31, 2014 For purposes of this <br />Agreement the date of beginning of construction shall be the date on which building permits for <br />the Building Improvements are issued by the City, subject to any extensions due to events of <br />force majeure. Developer shall complete construction of the Building Improvements no later <br />than March 31, 2015, subject to any extensions due to events of force majeure. <br />ARTICLE IV <br />GRANT PAYMENTS FROM THE CITY <br />Section 4.01. Three Year Payment Period. Upon Developer's satisfactory completion <br />of the Building Improvements it shall be eligible to receive three Grant Payments from the City <br />as follows: <br />(a) an amount equal to 100 percent of Real Property Taxes paid to and <br />received by the City in the first full calendar year after the Building Improvements are <br />completed; <br />(b) an amount equal to 75 percent of Real Property Taxes paid to and received <br />by the City for the second calendar year thereafter; and <br />