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 2.06. "Project" means the addition of Real Property Improvements (as defined below), Personal Property and Company's operation of the Business. Section 2.07. "Project Site" means the approximately 17.7-acre tract of land located at the southeast corner of IH-35 and McCarty Lane, San Marcos Texas as shown in ExhihitA, attached hereto and made a part hereof. Section 2.08. "Real Property Improvements" means such improvements to real property on the Project Site, other than Personal Property, subject to ad valorem tax assessment. Section 2.09. "Sales Tax Revenue" means the amount of sales and use tax revenues attributable to the Business collected by the Texas Comptroller of Public Accounts(or any similar successor tax collection entity of agency of the State)(collectively referred to herein as the "Comptroller") and that are remitted to and received by the City. Section 2.10. "Sales Tax Revenue Computation Quarter" means each calendar quarter beginning on January 1, April 1, July 1, or October 1, as applicable, and ending on the succeeding March 31, June 30, September 30, or December 31, as applicable. Section 2.11. The "Term" of this Agreement shall commence on the Effective Date and continue until the Grant Payments due hereunder are paid by the City. The Term may be extended as necessary due to force majeure events or reduced in the event of a default by the Company beyond the applicable notice and cure period as set forth herein, or City's non-appropriation of funds for Grant Payments pursuant to Section 6.02 of this Agreement. ARTICLE III COMPANY'S PRIMARY OBLIGATIONS Section 3.01. Operation of Business. Subject to Company obtaining a certificate 3 4874-3828-6824,v. 13