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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT <br />This amended agreement (the "Agreement ") is entered into by and between Chuck Nash <br />Auto Group ( "Developer "), and the City of San Marcos, Texas (the "City "), collectively referred <br />to as the "Parties ". <br />PART 1. RECITALS <br />Section 1.01. The City seeks to promote local economic development and to stimulate <br />business and commercial activity in the City. <br />Section 1.02. Developer opened a regional automobile dealership, the primary activity of <br />which is the selling of new automobiles, but which includes as secondary and related activities, <br />the selling of pre -owned automobiles, the selling of parts and automobile repair and maintenance <br />services (the "Business "). <br />Section 1.03. For conducting the Business, Developer has constructed a facility <br />consisting of, among other things, approximately 42,706 square feet of building space, with a <br />value of approximately $7,500,000.00 (the "Project ") on approximately 11.55 acres of land <br />located at 3209 IH -35 North, San Marcos, Texas (the "Premises "). A site plan for the Project is <br />attached hereto as Exhibit "A ", made a part hereof for all purposes. <br />Section 1.04. Developer anticipates that, upon completion of the Project and opening the <br />Business it will have on and within the Premises equipment and inventory with an initial <br />estimated taxable value of $2,000,000.00 and will employ an estimated 100 employees with an <br />estimated initial payroll of $2,750,000.00. <br />Section 1.05. The Business and the Project will produce the following benefits desired <br />by the City (collectively the "City's Economic Development Objectives "): <br />a. new substantial capital investment and enhanced potential for the <br />