Res 2015-093/Chapter 380 Economic Development Incentive Agreement with Tanger Properties Limited Partnership that provides incentives over ten years in an amount not to exceed $2,500,000.00 in the form of annual refunds of a portion of new property and s

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'Tanger Outlets San Marcos Texas Current Project Underway Tanger is currently investing over 6 million dollars to provide a suitable 24,000 SF space for our newest retailer, H &M, one of the Nation's leading retailers. This project involves extraordinary expenses inclusive of moving underground utilities, existing structure demolition, modification of parking areas, and extensive modifications to the underground storm water drainage system. The added expenses amount to over 20% of the cost of this project, something traditional new construction would not require. Conservative estimates project that this new store will contribute additional sales tax revenue for the City of San Marcos in an amount of $150,000.00 per year, property taxes of an additional $ 60,000.00 per year and create approximately 40 new jobs. However, the positive economic impact on both the center and the City of San Marcos is not limited to that of this one store, as we expect all stores to experience sales growth though cross sales and increased traffic precipitated by the H & M store, which will consequently increase sales tax revenue generated by the center and paid to the city exponentially. *Requested funds will not be used towards this project.