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

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Section 4.02. Ten -Year Payment Period. Beginning in calendar year 2017, the City shall make up to ten (10) annual Grant Payments to Company, each in an amount equal to eighty percent (80 %) of Additional Property Taxes generated by the Business on the Project Site during the calendar year immediately preceding the Grant Payment. Section 4.03. Time for Payment. Grant Payments will be made by the City in the calendar year immediately following the full calendar year in which the Additional Property Taxes upon which the Grant Payment amount is based are generated. The first Grant Payment shall be made in 2017. The City shall not be required to make a Grant Payment during any applicable calendar year unless and until: (a) Company has submitted, in the form attached as Exhibit "B" hereto (the "Compliance Certificate "), together with all information required under Sections 7.02 and 7.03 of this Agreement necessary to verify its compliance with the terms of this Agreement; (b) Additional Property Taxes for the prior calendar 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. Provided the foregoing conditions have been satisfied and Company is otherwise in compliance with this Agreement, the City shall pay to Company any Grant Payments due within thirty (30) days after the last to occur of the events in subsections (a), (b) and (c) of this Section. Section 4.04. Expedited Reviews; Waivers; Public Roadways. (a) Expedited Reviews. The City hereby further agrees that, in order to accommodate Company's plans to design and build improvements on the Project Site in 9