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conditions of this Agreement is consistent with the public purposes of Chapter 380 and the <br /> economic development objectives of the City. <br /> 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 or each <br /> of two new lots created by the replat of the Land (as defined below) as established by the Hays <br /> County Tax Assessor-Collector's Office for calendar year 2021. <br /> Section 2.02. "Building Improvements" means approximately 148,800 square feet (but <br /> not less than 135,600 square feet) of new "spec" buildings located on the Land (defined below) <br /> consisting of an approximately 66,000 square foot(but not less than 60,000 square feet)building <br /> and an approximately 82,800 square foot (but not less than 75,600 square feet) building, each <br /> suitable for lease to and finish out by one or more tenants for the tenant's specific commercial, <br /> office, 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 site plan shown in Exhibit"A,"attached hereto and made a part hereof for all <br /> purposes.Notwithstanding the foregoing,the City Manager of the City,or his designee,during the <br /> permitting and construction phases for each building, may approve modifications to the <br /> specifications for the Building Improvements necessary for the Building hnprovements to comply <br /> with applicable building codes and ordinances. <br /> 2 <br />