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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT <br />As of October 20, 2020 (the "Effective Date") this agreement (the "Agreement") is entered <br />into between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and DBI <br />San Marcos Property, L.P., a Texas limited partnership ("Developer"). The City and Developer <br />may also be collectively referred to as the "Parties" or, individually, as a "Party." <br />PART 1. RECITALS <br />Section 1.01. The City seeks to attract and retain a diverse range of businesses that <br />provide well paying jobs necessary for economic stability and growth. <br />Section 1.02. Developer proposes to construct three speculative or "spec" shell buildings <br />at 1551 Clovis Barker Road with a minimum cumulative area of 174,515 square feet that may be <br />leased for commercial, office, warehouse or light industrial uses and finished out for each tenant's <br />needs. Developer seeks an economic development incentive from the City for the construction of <br />such facilities. <br />Section 1.03. The City believes that the availability of such commercial, office, <br />warehouse and light industrial space for lease will attract businesses seeking to relocate to or <br />expand in the City in furtherance of the City's job creation and economic development goals and <br />wishes to provide an incentive to Developer for the construction of the facilities. <br />Section 1.04. The City is authorized under Chapter 380 of the Texas Local Government <br />Code ("Chapter 380") to offer certain economic development incentives for public purposes, <br />including the promotion of local economic development and the stimulation of business and <br />commercial activity in the City. Providing an incentive to Developer under the terms and <br />conditions of this Agreement is consistent with the public purposes of Chapter 380 and the <br />economic development objectives of the City. <br />