Res 2014-170/Approving a Chapter 380 Economic Development Incentive with United Weld Operations, LLC

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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT As of December 16, 2014 (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 United WELD Operations, LLC, a Delaware limited liability company ( "UWO ") and its affiliates (collectively, "Company "). The City and Company may also be referred to collectively as the "Parties" or individually as a "Party ". PART 1. RECITALS Section 1.01. Commencing on or after March 1, 2015, Company intends to manufacture products for the energy industry. Section 1.02. Company proposes to establish its manufacturing plant in the City of San Marcos, subject to the granting of incentives from the City. Section 1.03. The City wishes to induce Company to establish its manufacturing facility in the City, as doing so would benefit the City by creating new jobs and generating revenues for the City from the addition of personal property inventory and improvements to real property, each of which is subject to ad valorem tax assessment. 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. Section 1.05. The City has determined that providing economic development incentives under this Agreement will promote local economic development and stimulate business and commercial activity in the City.