Res 2017-078/approving a Chapter 380 economic development incentive agreement for Urban Mining Company

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Section 4.01. Grant Payments. Subject to other terms and conditions of this Agreement and Company's compliance with this Agreement, the City will make Grant Payments to Company in the manner set forth in this Article. Section 4.02. Payment Period for Grant Payments. Beginning with the calendar year after the calendar year in which annexation of the Project Site occurs, the City shall make up to ten annual Grant Payments to Company. The initial annual Grant Payment will be based upon Personal Property Taxes and Real Property Taxes received by the City for the period of the tax year during which the Project Site was in the city limits. Thereafter, the City would shall make nine additional annual Grant Payments. Section 4.03. Time for Payment of Grant Payments. Grant Payments will be made by the City in the calendar year immediately following the calendar year in which the Personal Property Taxes and Real Property Taxes upon which the Grant Payment amount is based are generated. By way of example, if Personal Property Taxes were $100,000 for the 2017 tax year, then the City would make a Grant Payment of $75,000 in 2018. The City, however, shall not be required to make a Grant Payment during any applicable calendar year unless and until: (a) The Company has submitted, in the form attached as Exhibit "E" hereto (the "Compliance Certificate") and all information required under Sections 9.01 and 9.02 of this Agreement necessary to verify its compliance with the terms of this Agreement; (b) Personal Property Taxes and Real Property Taxes for the prior calendar year are received by the City from the Hays County Tax Assessor -Collector; and (c) Funds are appropriated by the San Marcos City Council for the specific purpose of making a Grant Payment under this Agreement as part of the City's ordinary budget and appropriations approval process. C