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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 /> paid by Developer and received by the City in the manner provided in this Agreement below. <br /> Section 2.04. "Land" means those two tracts of real property and improvements thereon <br /> situated within the city limits of the City of San Marcos, Texas, and having an address of 320 <br /> Barnes Drive, San Marcos, Texas 78666, upon which the Building Improvements will be <br /> constructed. Such tracts are described as Lot 2C, Thermon Industrial Park No. 2, Unit Two, and <br /> the remainder tract, formerly a part of Lot 213, Thermon Industrial Park No. 2, Unit Two, all of <br /> which is shown in the map or plat thereof recorded in Volume 16,Page 102,Plat Records of Hays <br /> County Texas. The current plat of the Land is attached as Exhibit`B" and made apart hereof for <br /> all purposes. It is understood that the Land will be replatted into two separate lots, one of which <br /> shall contain the two new buildings that comprise the Building Improvements as generally depicted <br /> on the site plan shown in Exhibit"A."Upon replat, Exhibit`B" shall be amended with a copy of <br /> the replat showing the two new lots. <br /> Section 2.05. "Real Property Taxes"in any given year during the Term of this Agreement <br /> means those ad valorem taxes assessed and collected by the City on the Land(as to each lot created <br /> by a replat) that are attributable solely to the Building Improvements and exceed the Base Tax <br /> Year Value, as established by the Tax Office. <br /> Section 2.06. "Tax Office"means the Hays County Tax Assessor-Collector. <br /> Section 2.07. The "Term" of this Agreement shall commence on the Effective Date and <br /> continue until the date that the third Grant Payment is due and finally paid, or such earlier date of <br /> termination as provided under this Agreement. <br /> 3 <br />