Res 2017-078/approving a Chapter 380 economic development incentive agreement for Urban Mining Company (2)

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real and personal property related to its business operations on the Project Site in the estimated amount of $25,000,000. Section 1.04. The Developers have informed the City that providing City utility services to the Project Site, together with financial and other development incentives would enable the Company to construct and operate a high-tech facility for the recycling and manufacture of rare earth magnet materials, components and assemblies on the Project Site. Section 1.05. The City wishes to bring the Company's business operations to the City, as doing so would benefit the City by creating new jobs and generating revenues for the City from the addition of personal property inventory and of annexed real property and improvements thereto, each of which is subject to ad valorem tax assessment, as well as sales tax revenue. Section 1.06. The City is authorized by Chapters 43 and 212 of the Texas Local Government Code to annex property in the ETJ under mutually agreed terms with the property owner. The City is further authorized by Chapter 380 of the Texas Local Government Code ("Chapter 380") to offer certain economic development incentives for public purposes, including the promotion of local economic development and the stimulation of business and commercial activity in the City. Section 1.07. The City has determined that annexing the Project Site under mutually agreed terms with the Developers and providing economic development and other development incentives to the Company under this Agreement will promote local economic development and stimulate business and commercial activity in the City. Section 1.08. For the reasons stated in these Recitals, which are incorporated into and made a part of this Agreement, and in consideration of the mutual benefits to and promises of the 2