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

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generated by the Business on the Land and collected by the City for Personal Property assessed in the year 2015. Provided Corvac continuously operates the Business on the Land and remains in compliance with this Agreement during the Term, the City will shall make nine additional Grant Payments to Corvac once per year for the remainder of the Term. Section 4.03. Time for Payment. Grant Payments will be made by the City on or before March 31 of the calendar year immediately following the year in which the Property Taxes upon which the Grant Payment amount is based are assessed. For example, Personal Property on the Land as of January 1, 2015 will be assessed in 2015 and the Grant Payment due to Corvac from the City based on such assessment will be paid by the City on or before March 31, 2016. Notwithstanding the foregoing, the City shall not be required,to make a Grant Payment during any applicable year unless and until: (a) Corvac has submitted all information required under this Agreement necessary to verify its compliance with the Agreement; (b) the Property Taxes for the prior year are received by the City from the Hays County Tax Assessor - Collector; and (c) funds are appropriated by the San Marcos City Council for the specific purpose of making a Grant Payment under this Agreement as part of the City's ordinary budget and appropriations approval process. ARTICLE V REPRESENTATIONS AND WARRANTIES OF CORVAC As of the Effective Date, Corvac represents and warrants to the City, as follows: Section 5.01. Organization. Corvac is a Michigan limited liability company duly organized, validly existing and in good standing under the laws of the State of Michigan and