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

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Parties set forth herein, the Parties enter into this Agreement and agree to the terms and conditions set forth in this Agreement. ARTICLE II DEFINITIONS Section 2.01. "Affiliate" with respect to the Developers means any entity that directly or indirectly controls, is controlled by, or is under common control with any of the Developers. Section 2.02. "Business" means the business activities of Company conducted in the City of San Marcos, Texas on the Project Site, including, but not limited to the activities described in Sections 1.01 and 1.04 above, which business activities are anticipated to commence after January 1, 2017. Section 2.03. "Grant Payments" means the City's annual payments to Company once per calendar year of an amount equal to 75 percent of the Personal Property Taxes and 25 percent of Real Property Taxes, beginning in the first calendar year after annexation of the Project Site and continuing during the Term in accordance with Article IV of this Agreement. Section 2.04. " Joks)" means a full-time employment position at the Project Site resulting from or provided in connection with the Project (defined below), which position provides 2,080 annual full-time hours of employment or equivalent, a wage of no less than $15.00 per hour, employer sponsored group health insurance, paid sick days, and annual paid vacation based on length of service and paid holidays. Any position not meeting such criteria does not qualify as a "Job" for purposes of this Agreement. Section 2.05. "Land" means collectively (i) the 18.26 acre tract located within the City limits of the City which is more particularly described on Exhibit "A" attached hereto and incorporated herein for all purposes (the "City Limits Land"), and (ii) the 85.93 acre tract located within the City's extra -territorial jurisdiction which is more particularly described on Exhibit `B" 3