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CHAPTER 380 ECONOMIC <br /> DEVELOPMENT INCENTIVE AGREEMENT <br /> As of January 1, 2017 (the "Effective Date") this Chapter 380 Economic Development <br /> Incentive Agreement (the "Agreement") is entered into between the City of San Marcos, Texas <br /> (the "City"), a Texas municipal corporation, and BestBuy.com LLC, a Virginia limited liability <br /> company and its Affiliates (the "Company"). The City and Company are collectively referred to <br /> as the "Parties" or individually as a"Party." <br /> ARTICLE 1. RECITALS <br /> Section 1.01. Commencing on or after the Effective Date, Company intends to establish <br /> an internet retail sales operations center in San Marcos to enhance its sales of consumer <br /> electronics, home appliances, and other goods, subject to the granting of economic development <br /> incentives. <br /> Section 1.02. The City seeks to promote local economic development and to stimulate <br /> business and commercial activity in the City. The establishment of the Company internet retail <br /> sales operations center will advance the City's interests by creating jobs, increasing sales and <br /> property tax revenues and enhancing the image of the City. <br /> Section 1.03. The City is authorized under Chapter 380 of the Texas Local Government <br /> Code to offer certain economic development incentives for public purposes, including promotion <br /> of local economic development and the stimulation of business and commercial activity in the <br /> City. <br /> Section 1.04. For the reasons stated in these Recitals, which are incorporated into and <br /> made a part of this Agreement, and in consideration of the mutual benefits and obligations set <br />