Res 2009-104 - Laserfiche WebLink

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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT As of August 18, 2009 (the "Effective Date") this agreement (the "Agreement") is entered into between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and TB Wood's Incorporated, a Pennsylvania corporation, duly authorized to conduct business in the State of Texas ("Developer"). The City and Developer may also be collectively referred to as the "Parties" or individually as a "Party". PART L RECITALS Section 1.01. Developer currently owns and operates a business in the City of San Marcos, Texas. Section 1.02. The Developer intends to expand the business in phases over several years. Section 1.03. The Developer prefers to expand the business in the City of San Marcos, rather than to relocate or expand the business elsewhere, and has advised the City that a contributing factor that would induce the Developer to maintain and expand the business in the City of San Marcos would be the making of an economic development grant to defray a portion of the overall costs to be incurred by the Developer as a consequence of the expansion. Section 1.04. In undertaking the expansion of the business the Developer proposes to construct and/or improve buildings and facilities and add personal property and inventory subject to ad valorem tax assessment and to retain and create new jobs associated with the business on certain real property now owned or to be owned by Developer or an affiliate of Developer. Section 1.05. The City is authorized under Chapter 380 of the Texas Local Government Code ("Chapter 380") to offer certain economic development incentives for public purposes, including the promotion of local economic development and the stimulation of business and commercial activity in the City.