Res 2009-104 - Laserfiche WebLink

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Section 1.06. The City has determined that providing an economic development grant to the Developer for the expansion. 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 2008. Section 2.02. "Business" means the business activities of the Developer 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 to the Developer once per year for a period of five years during the Term as specified in Article IV of an amount equal to 75 percent of the Personal Property Taxes (as defined below) for the applicable preceding year. Section 2.04. "Job" means a permanent, full-time employment position resulting from the Project, and meeting the criteria set forth in Exhibit "B", attached hereto and made a part hereof for all purposes. Any position providing less than the specified number of hours a year, regardless of the employer's designation of such position, does not qualify as a "Job" for purposes of this Agreement. Section 2.05. "Land" means the real property within the city limits of the City of San Marcos, Texas upon which the Project shall be executed, a reap, plat or survey of which is