Res 2018-184/approving a Chapter 380 Economic Development Incentive Agreement with Katerra, Inc. to locate an Automated Building Component Manufacturing and Distribution Facility along State Highway 80 East of State Highway 21, which agreement provides i

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Section 1.05. The City is authorized under Chapter 380 of the Texas Local Government •• to • 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. Section 1.06. The City has determined that providing economic development incentives, including waiving certain development standards, under this Agreement will promote local economic development and stimulate business and commercial activity in the City. Section 1.07. For the reasons stated in these Recitals, which are incorporated into and made a part of this Agreement, and in consideration of the mutual benefits to and promises of the Parties set forth herein, the Parties enter into this Agreement and agree to the terms and conditions set forth in this Agreement. 1OW219 Section 2.01. "Additional Property Taxes" are the City's share of the ad valorem taxes received from the Hays County Tax Assessor -Collector each tax year during the Term on the value of all Personal Property and Real Property Improvements on the Project Site (defined below) in Section 2.02. "Base Year Taxes" means the ad valorem tax real and personal property i'lillillillillilillilillillilill�illillillillillillililillillillillilli� lip Nff� the Project Site as of January 1, 2018, as established by the Hays County Appraisal District. Section 2.03. "Business" means the business activities of Company conducted in the City of San Marcos, Texas on the Project Site, including, but not limited to continuously conducting the business activities described in Section 1.02, and including the creation and maintenance of the Minimum Jobs Requirement under Section 3.03.