Res 2024-021 approving a Chapter 380 Economic Development Incentive Agreement with Buc-ee’s San Marcos, LLC that provides incentives in the form of refunds of 50 percent of sales taxes generated by the company

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3.1 Construction and Operation of Project. Developer agrees to construct and operate a retail development consisting of a Buc-ee's Travel Center being approximately seventy-four thousand (74,000) square feet in size and providing approximately one hundred twenty(120) fueling positions on a tract of 21.92 acres as described on Exhibit B("Project"). Developer shall submit to the City an application for a building permit no later than June 1,2024 and shall commence construction of the Project on or before that date which is 90 days from Developer's receipt of the building permit. In no event shall Developer, having received an approved building permit from the City, commence construction of the Project later than March 31, 2025. Developer further agrees that the Project will be completed no later than eighteen (18) months after it commences construction of the Project. If requested in writing by the Developer,the City shall extend these deadlines for the period of delay, if (a) an event of Force Majeure delays commencement of construction of or delays or suspends construction of the Project; or(b) disruption due to construction of infrastructure improvements by the City delays commencement of construction or delays or suspends construction of the Project. In addition, Developer and City each have the one-time right to extend any deadlines set forth herein for a period of up to 120 days for the convenience of such party,such right to be exercised by written notice to the other party on or before such deadline to be extended. 3.2 Operations. Developer agrees to operate the Project continuously for a period of fifteen (15) years beginning on the Tax Payment Effective Date (as defined below); provided, neither (a) minor interruptions due to emergency conditions nor(b)interruptions due to Force Majeure shall be a Default. 3.3 Certificate of Completion and Subsequent Job Creation. On or before the date that is twelve(12)months after Developer receives its Certificate of Occupancy for the Project(the"Job Threshold Commencement Date"),Developer shall create at least one hundred seventy-five(175)full time equivalent jobs(the"Minimum Job Threshold")on the Project and shall maintain on average,as calculated every year from and after the Job Threshold Commencement Date,such level of employment during the Project Term. Full time employees are those employees employed in positions scheduled to work at least one thousand eight hundred twenty (1,820) hours per year or forty-five (45) weeks per year. By the Job Threshold Commencement Date, Developer shall provide to the City an affidavit certifying its compliance with the foregoing employment requirements in the form attached hereto as Exhibit C("Job Compliance Affidavit") and thereafter,on or before February 1 of each year until the end of the Project Term or earlier termination of this Agreement,Developer shall provide a supplementary Job Compliance Certificate to the City. If the average number of full-time jobs maintained by Developer and/or its Affiliate(s)for any calendar year(the "Annual Job Average") does not meet or exceed the Minimum Job Threshold, the Developer shall reimburse the City the Overpayment Amount.A failure to meet the Minimum Job Threshold shall not be a Default under this Agreement. The City's sole and exclusive remedy with respect to a failure to meet the Minimum Job Threshold shall be to demand the Overpayment Amount from Developer and to offset the Overpayment Amount from future Grant Payments if such Overpayment Amount is not paid as required herein. 3.4 Construction and Dedication of Public ROW Improvements. Provided Developer obtains all required permits and approvals, Developer shall construct, at its sole cost and expense, public ROW improvements required for the Project and shall convey the rights-of-way and the ROW improvements to the applicable governmental authority. All such public ROW improvements shall be constructed in consultation with the City and in accordance with all state and local requirements. 3.5 Additional Developer Agreements. Developer also agrees to the following requirements of the Project: a. Include the words"SAN MARCOS" within a panel of no less than 90 square feet attached to the Primary Freestanding Sign as generally depicted on Exhibit D. The Primary Economic Development Agreement