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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT <br /> As of May 4,2021 (the"Effective Date")this agreement(the"Agreement") is entered into <br /> between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and 320 <br /> Barnes 2020, LP, a Texas limited partnership ("Developer"), The City and Developer may also <br /> 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 two speculative or "spec" shell buildings <br /> at 320 Barnes Drive with an estimated cumulative area of approximately 148,800 square feet(but <br /> not less than 135,600 square feet)that may be leased for light manufacturing, office, warehouse, <br /> showroom, and research and development uses and finished out for each tenant's needs. <br /> Developer seeks an economic development incentive from the City for the construction of such <br /> facilities. <br /> Section 1.03. The City believes that the availability of such light manufacturing, office, <br /> warehouse, showroom, and research and development space for lease will attract businesses <br /> seeking to relocate to or expand in the City in furtherance of the City's job creation and economic <br /> development goals and wishes to provide an incentive to Developer for the construction of the <br /> 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 />