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Section 1.06. The City has determined that providing an economic development grant to Grifols for the location and expansion of such business operations will promote local economic development and stimulate business and commercial activity in the City. Section 1.07. For the reasons stated in these Recitals and in consideration of the mutual benefits to and promises of the Parties set forth below, the Parties want to enter into this Agreement and agree to the terms and conditions set forth in this Agreement. ARTICLE II DEFINITIONS Section 2.01. "Base Tax Year Value" means the ad valorem tax value of Personal Property (as defined below) as established by the Hays County Tax Assessor-Collector's Office for calendar year 2009. Section 2.02. "Business" means the business activities of Grifols conducted in the City of San Marcos, Texas on the Land (as defined below) and as more fully described in Exhibit "A", attached hereto and made a part hereof for all purposes. Section 2.03. "Grant Payments" means the City's payments of an amount equal to 75 percent of the Personal Property Taxes (as defined below) to Grifols during the Term of this Agreement. Section 2.04. "Job" means a permanent, full-time employment position for which group health insurance coverage is available resulting from the Project. Any position resulting from an offer of less than two thousand eighty (2,080) hours per year, regardless of the employer's designation of such position, does not qualify as a "Job" for purposes of this Agreement. In connection with the Jobs Grifols agrees that, at the end of any reporting period during the Term, the average annual wage of all employees filling Jobs shall be at least $38,571.00. Section 2.05. "Land" means the real property within the city limits of the City of San Page 2 of 22