Res 2024-208 approving a Chapter 380 Economic Development Incentive Agreement with HEB, LP., under the City Council’s open solicitation and offer of incentives to grocery stores to locate in the city

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Section 1.06. For the reasons stated in these Recitals, which are incorporated into and made a part of this Agreement, and in consideration of the mutual benefits to and promises of the Parties set forth herein, the Parties enter into this Agreement and agree to the terms and conditions set forth in this Agreement. ARTICLE 11 DEFINITIONS Section 2.01. "Additional Property Taxes" are the City's total share of the ad valorem taxes received from the Hays County Tax Assessor-Collector each calendar year during the Term on the value of all Personal Property and Real Property Improvements on the Project Site (defined below)that exceed the Base Tax Year Value. Section 2.02. `Base Tax Year Value" means the ad valorem tax value, as established by the Hays County Appraisal District of the Real Property Improvements and Personal Property on the Project Site as of January 1,2024, being $0.00 ($3,540,436 being the value of the underlying real property, for which the City will continue to receive 100 percent of associated ad valorem tax revenue). Section 2.03. "Business" means the business activities of Company conducted in the City of San Marcos,Texas on the Project Site,including,but not limited to the operation of a minimum 100,000 square foot H-E-B branded grocery store. Section 2.04. "Grant Payments" means the City's payments to Company in the form of refunds of a percentage of Additional Property Taxes and Sales Tax Revenue generated by the Business as outlined in Article IV. Section 2.05. "Personal Property" means all materials, supplies, equipment, inventory or other personal property attributable to the Business on the Project Site subject to ad valorem taxes. 2 4874-3828-6824,v. 13 ..................... .