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collection of ad valorem taxes; <br />b. employment opportunities for local residents; <br />C. new opportunities for other retail and service businesses that serve the <br />Business to be conducted on the Premises and its employees and customers; <br />d. customers from other communities that may also spend money at other <br />local businesses, together with the attendant increase in the collection of local sales taxes. <br />Section 1.06. Developer could have located the Business in areas outside the City, but <br />preferred to locate the Business in the City, provided certain standards under the City's Land <br />Development Code governing signs that adversely impact Developer's ability to attract <br />customers could be waived by the City. Developer has, therefore, requested that the City waive <br />such standards. <br />Section 1.07. The San Marcos City Council finds that the Business and the Project are <br />consistent with and advance the City's economic development objectives and granting the <br />waivers requested by Developer is, therefore, in the best interest of the public. In consideration <br />of the mutual benefits stated in the Recitals and the promises of the Parties set forth below, the <br />Parties want to enter into this Agreement and agree to the terms and conditions set forth in this <br />Agreement. <br />PART 2. OBLIGATIONS OF DEVELOPER <br />Section 2.01. Project Construction. Developer will make capital investments for new <br />construction of approximately 42,706 square feet of buildings and improvements with a value of <br />at least $7,500,000.00 in accordance with plans and specifications for the Project approved by <br />the City and as illustrated in Exhibit "A ". Construction of the Project shall be completed with <br />commercially reasonable diligence, subject to Force Majeure events as provided in paragraph <br />2 <br />