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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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT As of July 21, 2015 (the "Effective Date ") this Chapter 380 Economic Development Incentive Agreement is entered into between the City of San Marcos, Texas (the "City "), a Texas municipal corporation, and Tanger Properties Limited Partnership, a North Carolina limited partnership (the "Owner "). Tanger and the City are collectively referred to as the "Parties ". ARTICLE 1. RECITALS Section 1.01. Tanger owns and operates a regional retail outlet mall commonly known as Tanger Outlet Center -San Marcos ( "Tanger Outlets ") located at IH -35 and Centerpoint Road. Section 1.02. Tanger Outlets has, for several years, been one of the most popular tourist destinations in the State of Texas, and generates significant ad valorem property tax and sales tax revenues for the City. Section 1.03. Tanger has proposed a project to renovate and expand Tanger Outlets to add new retail tenants, which will result in significant increases in property tax and sales tax payments to the City. The renovation and expansion are necessary to stay competitive with other retail outlet centers that air, being improved or added in other Texas cities. Section 1.04. The City seeks to promote local economic development and to stimulate business and commercial activity in the City. The renovation and expansion of the Tanger Outlets will advance the City's interests by attracting new and retaining existing business, creating jobs, increasing sales and property tax revenues and enhancing the image of the City. Section 1.06. The City is authorized under Chapter 380 of the Texas Local Government Code to offer certain economic development incentives for public purposes, including promotion of local economic development and the stimulation of business and commercial activity in the City. Section 1.07. 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 and obligations set forth herein, the Parties enter into this Agreement and agree to the terms and conditions set forth in this Agreement. 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 new Real Property Improvements on the Site completed after the Effective Date in excess of the Base Tax Year Value. Section 2.02. "Additional. Sales Taxes" means the Sales Tax Revenue received by the City in 2015, and each subsequent calendar year during the Term, attributable to new business