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,e )w- Ll- )J(" <br /> CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVES AGREEMENT <br /> This Chapter 380 Economic Development Incentives Agreement (this "Agreement") is made and <br /> entered into by and between the City of San Marcos ("City") and Buc-ee's San Marcos, LLC, a Texas <br /> limited liability company ("Developer"), as of February 20, 2024 (the "Effective Date"). City and <br /> Developer are sometimes individually referred to herein as a "Party" and are sometimes collectively <br /> referred to herein as the"Parties." <br /> RECITALS: <br /> WHEREAS, Developer is contemplating the purchase of a certain tract of land consisting of <br /> approximately 21.92 acres within the City of San Marcos,generally depicted in Exhibit A,attached hereto <br /> ("Property");and <br /> WHEREAS, in accordance with Article III, Section 52-a of the Texas Constitution and Chapter <br /> 380 of the Texas Local Gov't Code,City may establish and provide for the administration of a program for <br /> making loans and grants of public money to promote state or local economic development and to stimulate <br /> business and commercial activity within the City; and <br /> WHEREAS,in consideration for Developer's agreement to purchase the Property and develop the <br /> Project(hereinafter defined) on the Property, City has agreed to offer incentives to Developer in the form <br /> of grants described in Article III of this Agreement; and <br /> WHEREAS, the Project may require one or more alternatives to the application of certain <br /> provisions of the San Marcos Code of Ordinances with respect to certain requirements including, but not <br /> limited to, sign height and size limitations, outside storage screening requirements, landscape/parking <br /> design requirements, and building materials classifications; and the staff recommendation of approval of <br /> said alternatives, if necessary, shall be included as a material inducement to purchase the Property and <br /> develop the Project,and; <br /> WHEREAS,Developer has agreed,in exchange for and as consideration for the incentives offered <br /> by the City,to satisfy and comply with the terms and conditions hereinafter set forth;and <br /> WHEREAS,The City has concluded and hereby finds that this Agreement substantially advances <br /> a legitimate interest of the City by promoting economic development,attracting new consumers to the City, <br /> expanding the sales tax base of the City, increasing employment, and generating new ad valorem tax <br /> revenue for jurisdictions in Hays County,which will help stimulate the overall local economy; and <br /> NOW,THEREFORE,by and in consideration of the mutual covenants and agreements contained <br /> herein,the City of San Marcos and Developer hereby agree as follows: <br /> ARTICLE I <br /> DEFINITIONS <br /> Whenever used in this Agreement,the following terms shall have the meanings ascribed to them: <br /> "Affiliate" means any entity directly or indirectly controlling or controlled by under direct or <br /> indirect common control with,or which directly or indirectly owns voting securities of an entity directly or <br /> indirectly controlled by, such specific entity. <br /> "Grant Payment(s)" means the amount paid by the City to Developer under this Agreement. <br /> Economic Development Agreement <br />