Laserfiche WebLink
89. <br /> <br /> TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS <br /> AND T.B. WOOD'S, INC. FOR OPERATIONS EXPANSION <br /> IN SAN MARCOS REINVESTMENT'ZONE NO. 12 <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 T.B. Wood' s, Incorporated ("T.B. <br />Wood's"), a Pennsylvania corporation. <br /> <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 of the Texas Tax Code), and by the Economic Development <br />Incentives Policy (the"Policy") adopted by Resolution on February 23, 2004. <br /> <br /> Section 1.02. T.B. Wood's is the owner of the tract of property (the "Property") located at <br />2000 Clovis Barker Road, in San Marcos, Hays County, Texas, legally described as Lot 1 of the <br />Gilmore Industrial Park, according to the map or plat recorded in Volume 8, page 196 of the Hays <br />County Plat Records. The Property meets the eligibility criteria for tax abatement under the Policy. <br />The Property is situated within the City of San Marcos Reinvestment Zone No. 12 designated by <br />separate ordinance by the City Council. <br /> <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 /> <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 /> <br /> Section 1.06. T.B. Wood's 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 /> PART 2. PROPERTY IMPROVEMENTS <br /> <br /> Section 2.01. T.B. Wood's intends to install production equipment (the Equipment") in the <br />existing facility (the "Facility") on the Property with a value of approximately $500,000. T.B. <br />Wood's will make additional capital investments of $150,000 to $350,000 in the Facility to <br /> <br /> <br />