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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT <br /> This Chapter 380 Economic Development Incentive Agreement (this "Agreement") is <br /> made by and between the City of San Marcos, a State of Texas home rule municipal corporation <br /> (the "City"), and Midway Development Group, LLC, a State of Texas limited liability company <br /> (the "Developer") (with the City and the Developer each being a "Party", and collectively the <br /> "Parties"), and is entered into by the Parties as of the latest date of signature by each Party's <br /> authorized representative below(the "Effective Date"). <br /> PART 1. RECITALS <br /> Section 1.01. The City seeks to attract and retain a diverse range of businesses that <br /> provide well-paying jobs necessary for economic stability and growth. <br /> Section 1.02. The Developer proposes to construct a hotel along with all other associated <br /> convention and conference space,parking,buildings, improvements,and other associated items of <br /> real and personal property (the "Hotel") on land owned by Texas State University (the <br /> "University") located at 429 North Guadalupe Street, and the Developer seeks an economic <br /> development incentive from the City for the construction of the Hotel. <br /> Section 1.03. The City believes that the Hotel will be in furtherance of the City's job <br /> creation and economic development goals, is in conformance with the City's Downtown Area <br /> Plan, will generate sales and hotel use revenues, and add improvements to real and personal <br /> property subject to ad valorem tax assessment. Therefore, the City is willing to provide an <br /> incentive to the Developer for the Hotel. <br /> Section 1.04. The City is authorized under Chapter 380 of the Texas Local Government <br /> Code ("Chapter 380") to offer certain economic development incentives for public purposes, <br /> including the promotion of local economic development and the stimulation of business and <br /> commercial activity in the City. Providing an incentive to Developer under the terms and <br />