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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DEFINITIONS Section 2.01. "Building Improvements" means at least a 98,296 square foot distribution facility located on the Land(defined below) with a minimum capital_investment of']6445_m-ih_i_on. The Building Improvements shall be constructed in substantial accordance with the site plan and images shown in Exhibit "A," attached hereto and made a part hereof for all purposes. Notwithstanding the foregoing, the City Manager of the City, or her designee, may approve modifications to the specifications for the Building Improvements necessary for the Building Improvements to comply with applicable building codes and ordinances. City will waive the sidewalk construction requirement and fee-in-lieu, subject to developer financing pedestrian access abatement(fences, gates)to the City Police Firing Range. Section 2.02. "Grant Payments"means the City's annual payments to the Developer for a period of three years during the Term of amounts equal to a percentage of Real Property Taxes paid by Developer and received by the City in the manner provided in this Agreement below. Section 2.03. "Land" means the tract(s) of real property and improvements thereon, as shown in the survey in Exhibit `B," attached hereto and made a part hereof upon which the Building Improvements will be constructed. Section 2.04. "Real Property Taxes"in any given year during the Term of this Agreement means those ad valorem taxes assessed and collected by the City on the Land that are attributable solely to the Building Improvements. Section 2.05. "Tax Office"means the Hays County Tax Assessor-Collector. Section 2.06. The "Term" of this Agreement shall commence on the Effective Date and continue until the date that the third Grant Payment is due and finally paid, or such earlier date of termination as provided under this Agreement. The Developer shall have one (1) year from the 2