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CHAPTER 380 ECONOMIC <br /> DEVELOPMENT INCENTIVE AGREEMENT <br /> As of October 15, 2024 (the "Effective Date") this Chapter 380 Economic <br /> Development Incentive Agreement (the "Agreement") is entered into between the City of <br /> San Marcos, Texas (the "City"), and H-E-B, LP ("Company"). The City and Company <br /> may also be referred to collectively as the "Parties" or individually as a"Party". <br /> PART 1. RECITALS <br /> Section 1.01. The City determined that there existed a shortage of grocery stores <br /> sufficient to adequately serve residents throughout the City and, therefore, sought to <br /> encourage grocery store operators to locate new grocery stores by offering financial <br /> incentives in the form of property and sales tax refunds to do so. <br /> Section 1.02. In response to the offer of the proposed incentives, Company wishes <br /> to construct a grocery store ("Grocery Store") in the City on the Project Site. <br /> Section 1.03. The Company's opening of a new grocery store will benefit the City <br /> by creating new jobs and generating revenue for the City from the addition of ad valorem <br /> property tax and sales tax revenue to support the City's operations and delivery of services <br /> to the public. <br /> Section 1.04. The City is authorized under Chapter 380 of the Texas Local <br /> Government Code ("Chapter 380") to offer economic development incentives for public <br /> purposes, including the promotion of local economic development and the stimulation of <br /> business and commercial activity in the City. <br /> Section 1.05. The City has determined that providing economic development <br /> incentives under this Agreement will promote local economic development and stimulate <br /> business and commercial activity in the City. <br /> 4874-3828-6824,V. 13 <br />