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Section 2.04. "Land" means those three tracts of land each labeled as "LI" and being a <br /> 37.99-acre tract, an 81.79-acre tract and an 82.42-acre tract, for a total of 202.2-acres of a larger <br /> 409.65-acre tract, generally located at the intersection of Centerpoint Road and South Old Bastrop <br /> Highway, as shown in the survey in Exhibit "A," attached hereto and made a part hereof upon <br /> which the Building Improvements will be constructed. It is understood that the Land will be <br /> platted into one or more lots, upon each of which one or more building constituting Building <br /> Improvements may be constructed. Upon platting of all or any portion of the Land, Exhibit "A" <br /> shall be administratively amended with a copy of each plat showing any new lots created. <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 as to each platted lot created on <br /> the Land that are attributable solely to the Building Improvements and exceed the taxes assessed <br /> against the Base Tax Year Value of the lot, 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 September 5, 2032, or such earlier date of termination as may be provided under <br /> this Agreement. Notwithstanding the foregoing, this Agreement shall remain in force and effect <br /> beyond the Term for the limited purpose of enabling a single and final request for and payment of <br /> any Grant Payment associated any Building Improvements completed as of January 1, 2032 as <br /> explained in Section 4.01(a). <br /> ARTICLE III <br /> DEVELOPER'S OBLIGATIONS <br /> Section 3.01. Construction of Building Improvements. During the Term, Developer <br /> shall construct, or cause to be constructed, to completion one or more buildings constituting <br /> Building Improvements , subject to any extensions of the Term approved by the City Manager of <br /> 3 <br />