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

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paid vacation based on length of service and paid holidays. Any position not meeting such criteria does not qualify as a "Job" for purposes of this Agreement. Section 2.06. "Personal Property" means all materials, supplies, equipment, inventory or other personal property on the Project Site subject to ad valorem taxes. Section 2.07. "Project" means the operation of the Business on the Project Site and includes, without limitation, the addition of Real Property Improvements (as defined below), Personal Property, and the creation of Jobs. Section 2.08. "Project Site" means the real property within the city limits of the City of San Marcos, Texas upon which the Project shall be conducted, the legal description of which is shown in Exhibit "A," attached hereto and made a part of this Agreement for all purposes. Section 2.09. "Real Property Improvements" means such improvements to real property on the Project Site, other than Personal Property, subject to ad valorem tax assessment. Section 2.10. The "Term" of this Agreement shall commence on the Effective Date and continue until December 31, 2025 (unless terminated sooner, as provided in this Agreement), except that Company's obligation to submit a Compliance Certificate (as defined in Section 4.03(a) hereof) for the year 2025 as provided under Section 7.02 and the City's obligation, if any, to complete the Grant Payments due under this Agreement for the year 2025 shall continue until satisfied, subject to the limitations of this Agreement. ARTICLE III COMPANY'S OBLIGATIONS Section 3.01. Operation of Business. Company shall begin operation of the Business on the Project Site on or after March 1, 2015, and in any event before April 1, 2015, and shall continuously operate, maintain and manage the Business for the duration of the Term. 3