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Section 2.05. "Property Taxes" are the City's share of the ad valorem taxes received <br />from the Hays County Tax Assessor - Collector on the value of all Personal Property on the Land <br />during the Term of this Agreement beginning with the ad valorem taxes received for Personal <br />Property assessed as of January 1, 2015. <br />Section 2.06. The "Term" of this Agreement shall commence on the Effective Date and <br />continue until December 31, 2024 (unless terminated sooner as provided in this Agreement), <br />except that Corvac's obligation to submit a compliance certification for the year 2024 as <br />provided under section 7.02 and the City's obligation, if any, to complete the Grant Payments <br />due under this Agreement for the year 2024 shall continue subject to the limitations of this <br />Agreement. <br />ARTICLE III <br />CORVAUS OBLIGATIONS <br />Section 3.01. Job Creation. On or before December 31, 2014 Corvac shall have hired <br />and, thereafter, continually during the Term, employ at least 30 full -time employees to fully <br />operate the Business. The minimum annual average wage or salary for all of Corvac's <br />employees working at the Business shall at all times be at least $30,000.00. Corvac shall provide <br />health benefits to all full -time employees. Corvac agrees to ensure that no discrimination will <br />occur in the hiring and employment of persons on the basis of race, creed, color, national origin, <br />sex or disability or other characteristics for which protection is available under applicable local, <br />state and federal anti - discrimination laws. <br />Section 3.02. Manufacturing Facility. On or before February 1, 2014, Corvac shall <br />have leased the approximately 100,000 square foot facility on the Land and shall begin <br />construction and installation of any improvements to such facility for purposes of operating the <br />Business. Commencement of construction for purposes of this Agreement shall be the date upon <br />