Res 2015-091/approving a Chapter 380 Economic Development Incentive Agreement with Humpty Dumpty SSM, Ltd. for the redevelopment of Springtown Shopping Center

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ARTICLE 2. 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 Real Property Improvements on the Site (defined below) attributable to the Site and added after the Effective Date in excess of the Base Tax Year Value. Section 2.02. "Additional Sales Tares" means the Sales Tax Revenue received by the City in 2015 and each subsequent calendar year during the Term in excess of the Base Sales Tax Value. Section 2.03. "Base Tax Year Value" means the ad valorem tax value, as established by the Hays Central Appraisal District for calendar year 2015, of the Real Property Improvements on the Site as of January 1, 2015. Section 2.04. "Base Sales Tax Value" means the Sales Tax Revenue for calendar year 2014. Section 2.05. "Grant Payments" means the City's payments to the Owner once per calendar year each year during the Term of an amount equal to the percentage of Additional Property Taxes and Additional Sales Taxes generated from within the Site during the full calendar year immediately preceding the year in which the payment is made, according to the Schedule in Section 4.02. Section 2.06. "Personal Property" means all materials, supplies, equipment, inventory or other personal property on the Site subject to ad valorem taxes. Section 2.07. "Site" means the real property within the city limits of the City of San Marcos, Texas owned by the Owner, the legal description of which is shown in Exhibit "A," attached hereto and made a part of this Agreement for all purposes. The boundaries of the Site may be amended from time to time, subject to the advance written approval of the City. Section 2.08. "Real Property Improvements" means such improvements to real property on the Project Site, other than Personal Property, subject to ad valorem tax assessment. Section 2.09. "Sales Tax Revenue" means the City's share of local sales tax revenue generated from business and retail activity on the Site and paid to the City by the Texas Comptroller of Public Accounts. Section 2.10. The "Term" of this Agreement shall commence on the Effective Date and continue until December 31 of the tenth year from the calendar year for which Grant Payments are first requested (unless terminated sooner, as provided in this Agreement), except that the Owner's obligation to submit a Compliance Certificate and the City's obligation, if any, to complete the Grant Payments due under this Agreement shall continue until satisfied. Thus, if the Owner requests a Grant Payment as early as 2016 (based upon revenues generated in 2015),