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

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Section 1.06. For the reasons stated in these Recitals, which are incorporated into and made a part of this Agreement, and in consideration of the mutual benefits to and promises of the Parties set forth herein, the Parties enter into this Agreement and agree to the terms and conditions set forth in this Agreement. ARTICLE II DEFINITIONS Section 2.01. "Additional Property Taxes" are the City's share of the ad valorem taxes received from the Hays County Tax Assessor - Collector each calendar year during the Term on the value of all Personal Property and Real Property Improvements on the Project Site (defined below) attributable to the Business and added by the Company after the Effective Date in excess of the Base Tax Year Value. Section 2.02. "Base Tax Year Value" means the ad valorem tax value, as established by the Hays County Appraisal District for calendar year 2014, of the Real Property Improvements and Personal Property on the Project Site as of January 1, 2014 Section 2.03. "Business" means the business activities of Company conducted in the City of San Marcos, Texas on the Project Site, including, but not limited to the manufacturing of products for the energy industry, which business activities shall commence no earlier than March 1, 2015. Section 2.04. "Grant Payments" means the City's payments to Company once per calendar year of an amount equal to eighty percent (80 %) of the Additional Property Taxes generated from the Project Site in each of the years 2016 through 2025. Section 2.05. "Job(s)" means a full -time employment position at the Project Site resulting from the Project (defined below), which position provides 2,000 annual full -time hours of employment or equivalent, employer sponsored group health insurance, paid sick days, and annual 0)