Res 2013-175/Approving a Chapter 380 Economic Development Inventive agreement w/Corvac

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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT As of November 19, 2013 (the "Effective Date ") this Chapter 380 Economic Development Incentive Agreement (the "Agreement ") is entered into between the City of San Marcos, Texas (the "City "), a Texas municipal corporation, and Corvac Composites, L.L.C., a Michigan limited liability company ( "Corvac "). The City and Corvac may also be referred to collectively as the "Parties" or individually as a "Party ". PART 1. RECITALS Section 1.01. Corvac is one of the largest, global automotive thermoforming suppliers in the world concentrated on providing air, noise and water management solutions. Corvac's core product line consists of wheel arch liners, under engine covers, belly pans and underbody aero covers for automotive applications. Corvac is a product leader in providing low weight, low cost solutions to Toyota, Honda, Chrysler, and Fiat. Section 1.02. The company intends to locate a manufacturing facility in the Central Texas region and seeks an inducement from the City to locate such facility in San Marcos rather than in another locale. Section 1.03. The City wishes to induce Corvac to locate its manufacturing facility in the City, as doing so would benefit the City by creating new jobs and generating revenues for the City from increased ad valorem tax assessments. 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.