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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT <br /> As of September 6, 2022 (the "Effective Date") this agreement (the "Agreement") is <br /> entered into between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, <br /> and Majestic Realty Co., a Texas limited liability company ("Developer"). The City and <br /> Developer may also be collectively referred to as the"Parties" or, individually, as a"Party." <br /> ARTICLE 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. Through a joint venture arrangement with Walton Global Holdings, LLC, <br /> Developer proposes to cause the acquisition of land and construction of speculative or"spec" shell <br /> buildings in phases in the area of Centerpoint Road at South Old Bastrop Highway that may be <br /> leased for light manufacturing, office,warehouse, showroom, and research and development uses <br /> (or such other uses allowed under applicable zoning regulations)and finished out for each tenant's <br /> needs. Developer seeks an economic development incentive from the City for the construction of <br /> such facilities. <br /> Section 1.03. The City believes that the availability of such space for lease will attract <br /> businesses seeking to relocate to or expand in the City in furtherance of the City's job creation and <br /> economic development goals and wishes to provide an incentive to Developer for the construction <br /> of the 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 />