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Section 1.05. For the reasons stated in these Recitals and in consideration of the mutual <br />benefits to and promises of the Parties set forth below, the Parties want to enter into this Agreement <br />and agree to the terms and conditions set forth in this Agreement. <br />ARTICLE II <br />DEFINITIONS <br />Section 2.01. "Base Tax Year Value" means the ad valorem tax value of the Land (as <br />defined below) as established by the Hays County Tax Assessor -Collector's Office for calendar <br />year 2020. <br />Section 2.02. "Building Improvements" means a minimum of 174,515 square feet of new <br />"spec" buildings located on the Land consisting of a 62,194 minimum square foot building, a <br />77,703 minimum square foot building, and a 34,618 minimum square foot building, each suitable <br />for lease to and finish out by one or more tenants for the tenant's specific commercial, office, <br />warehouse or light industrial uses as allowed under applicable zoning and other land use <br />regulations and ordinances. The Building Improvements shall be constructed in substantial <br />accordance with the specifications detailed in the 100 percent construction documents for project <br />number 1803 prepared by Beatty Palmer Architects dated June 7, 2019 excerpts of which are <br />included in Exhibit "A," attached hereto and made a part hereof for all purposes, and the remainder <br />of which are on file with the City's Permit Center. Notwithstanding the foregoing, the City <br />Manager of the City, or his designee, during the permitting and construction phases for each <br />building, may approve modifications to the specifications for the Building Improvements <br />necessary for the Building Improvements to comply with applicable building codes and <br />ordinances. <br />Section 2.03. "Grant Payments" means the City's annual payments to the Developer for a <br />period of three years during the Term of amounts equal to a percentage of Real Property Taxes <br />