Res 2021-157/approving a Chapter 380 Economic Development Incentive Agreement with Project Robot, providing incentives in the form of refunds of a percentage of real property taxes

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public purposes, including the promotion of local economic development and the stimulation of business and commercial activity in the City. Section 1.05. The City has determined that providing economic development incentives under this Agreement will promote local economic development and stimulate business and commercial activity in the City. Section 1.06. 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. ARTICLE II DEFINITIONS Section 2.01. Additional Property Taxes taxes received from the Hays County Tax Assessor-Collector each calendar year during the Term on the value of all Personal Property (Furniture, Fixture and Equipment) and Real Property Improvements on the Land (defined below) in excess of the Base Tax Year Value. Section 2.02. means the ad valorem tax value, as established by the Hays County Appraisal District for calendar year 2021, of the Real Property Improvements and Personal Property on the Land as of January 1, 2021. Section 2.03. BusinessTenant conducted on the at the Facility and on the Land, primarily including the operation of a robotic operated commercial laundry serving large brand hotels. satisfaction of the conditions under Article 3.