Res 2024-093 approving a Chapter 380 Economic Development Incentive Agreement with BRE Group 500 Wonder World 2022 LP, also known as project Snapdragon

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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT As of June 11, 2024 (the "Effective Date") this agreement (the "Agreement") is entered into between the City of San Marcos,Texas(the"City"), a Texas municipal corporation,and BRE Group 500 Wonder World 2022 LP, a Texas limited partnership ("Developer"). The City and Developer may also be collectively referred to as the "Parties" or, individually, as a"Party." PART 1. RECITALS Section 1.01. The City seeks to attract and retain a diverse range of businesses that provide well-paying jobs necessary for economic stability and growth. Section 1.02. Developer proposes to construct a 98,296 square foot distribution facility located at 500 Wonderworld Dr West of I-35 South. Developer seeks an economic development incentive from the City for the construction of such facilities. Section 1.03. The City believes that the availability of such space will be in furtherance of the City's job creation and economic development goals and wishes to provide an incentive to Developer for the construction of the facilities. Section 1.04. The City is authorized under 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. Providing an incentive to Developer under the terms and conditions of this Agreement is consistent with the public purposes of Chapter 380 and the economic development objectives of the City. Section 1.05. For the reasons stated in these Recitals and in consideration of the mutual benefits to and promises of the Parties set forth below,the Parties want to enter into this Agreement and agree to the terms and conditions set forth in this Agreement. ARTICLE II