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

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Section 1.05. The City has determined that entering into and providing economic development incentives under this Agreement will promote local economic development and stimulate business and commercial activity in the City. Section 1.06. 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. "Business" means all manufacturing and related business activities of Corvac conducted in the City of San Marcos, Texas on the Land (as defined below), including, but not limited to the manufacturing and distribution of wheel arch liners, under engine covers, belly pans and underbody aero covers for automotive applications. Section 2.02. "Grant Payments" means the City's payments to Corvac once per year of an amount equal to 80 percent of the Property Taxes generated by Corvac's operation of the Business on the Land and assessed in each of the years 2015 through 2024. Section 2.03. "Land" means the 6.5 acre parcel of real property and improvements located at 2350 Clovis Barker Road within the city limits of the City of San Marcos, Texas upon which the Business will be operated. A legal description for the Land, together with a map, plat or survey showing existing improvements is attached as Exhibit "A" of this Agreement and made a part of this Agreement for all purposes. Section 2.04. "Personal Property" means all furniture, fixtures, materials, supplies, equipment, inventory or other personal property attributable to the Business on the Land subject to ad valorem tax assessments.