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CHAPTER 380 ECONOMIC <br />DEVELOPMENT INCENTIVE AGREEMENT <br />As of April 18, 2017 (the "Effective Date"), this Chapter 380 Economic Development <br />Incentive Agreement (the "Agreement") is entered into between (i) the City of San Marcos, Texas <br />(the "City"), a Texas municipal corporation, and (ii) Urban Mining Company, a Delaware <br />Corporation which is duly registered to do business in the State of Texas ("Company") and Urban <br />Mining Development, LLC, a Delaware limited liability company ("UMC Development") <br />Company and UMC Development may also be collectively referred to herein as the "Developers". <br />The City and Developers may also be referred to collectively as the "Parties" or individually as a <br />"Party" <br />PART 1. RECITALS <br />Section 1.01. The Company is engaged in the production of magnets from recycled rare <br />earth materials to support a wide range of industrial sectors, including high performance electric <br />motors, energy generation, transportation and military/defense. <br />Section 1.02. UMC Development is engaged in the development of real property planned <br />for industrial and/or commercial use, and has contracted to purchase certain land, a portion of <br />which is in the City and a portion of which is in the City's extraterritorial jurisdiction ("ETF). <br />UMC Development currently intends to develop the "Land" (as defined below) into an industrial, <br />commercial and "flex -space" business park similar to the nearby Amazon.com distribution center <br />and Philips Lighting facility or the Met Center and Tech Ridge developments in Austin, Texas. <br />Section 1.03. The Company seeks to conduct its business operations on a portion of the <br />land to be acquired by UMC Development within the ETJ (the "Project Site" as defined below) <br />As of the date of this Agreement, the Company intends to make a minimum capital investment in <br />