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<br />10. <br /> <br />TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS <br />AND GLOBAL ROCK INVESTMENTS, LTD. FOR REDEVELOPMENT <br />IN SAN MARCOS REINVESTMENT ZONE NO.3 <br /> <br />This tax abatement agreement (this "Agreement") is entered into between the City of San <br />Marcos, Texas (the "City"), a Texas municipal corporation, and Global Rock Investments, Ltd., <br />("Global Rock"), a Texas limited partnership. <br />PART 1. GENERAL PROVISIONS <br /> <br />Section 1.01. This Agreement is authorized and governed by the Property Redevelopment <br />and Tax Abatement Act (Chapter 312 ofthe Texas Tax Code), and by the Economic Development <br />Incentives Policy (the "Policy") adopted by Resolution on February 23,2004. <br />Section 1.02. Global Rock is the owner of the tract of property (the "Property") located at <br />202 North LBJ Drive, in San Marcos, Hays County, Texas, legally described as Lot 8, Block 7 ofthe <br />Original Town of San Marcos, according to the map or plat recorded in Volume 46, page 448 of the <br />Hays County Deed Records. The Property meets the eligibility criteria for tax abatement under the <br />Policy. The Property is situated within the City of San Marcos Reinvestment Zone No.3 designated <br />by separate ordinance by the City Council. <br />Section 1.03. The Property is not part of an improvement project financed with tax <br />increment bonds. <br /> <br />Section 1.04. This Agreement is subject to the rights of the holders of outstanding bonds of <br />the City. <br />Section 1.05. The Property is not owned or leased by any member of the San Marcos City <br />Council or any member of the City Planning and Zoning Commission. <br />Section 1.06. Global Rock agrees to ensure that all of the improvements described below <br />will conform to all applicable City ordinances and regulations, including but not limited to the City's <br />Master Plan, and Chapter 5-Buildings and Building Regulations, Chapter 74-Streets and Sidewalks, <br />Chapter 94- Development Standards, Chapter 11 O-Subdivisions, and Chapter 114- Zoning, of the San <br />Marcos City Code. <br /> <br />PART2. PROPERTY IMPROVEMENTS <br /> <br />Section 2.01. Global Rock intends to reconstruct, renovate and remodel the existing building <br />(the "Building") on the Property at a cost of approximately $500,000. Global Rock will reconstruct, <br />renovate and remodel the main and bottom floors of the Building to accommodate retail or office <br /> <br />1 <br />