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123. <br /> <br /> DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE <br /> CITY OF SAN MARCOS AND K-W CONSTRUCTION, INC. FOR <br /> COMMERCIAL DEVELOPMENT PROJECT <br /> <br /> This development incentive agreement (this "Agreement") is entered into between the City of <br />San Marcos, Texas (the "City"), a Texas municipal corporation, and K-W Construction, Inc. ("K- <br />W''), a Texas corporation. <br /> <br /> PART 1. GENERAL PROVISIONS <br /> <br /> Section 1.01. This Agreement is authorized and governed by the Economic Development <br />Incentives Policy (the "Policy")adopted bythe City Counc. il by Resolution on February 23, 2004. <br /> <br /> Section 1.02. K-W owns the 19.97 acre tract of property (the "Property") located at 300 <br />Barnes Drive in San Marcos, Hays County, Texas. The Property meets the eligibility criteria for <br />development incentives under the Policy. <br /> <br /> Section 1.03. K-W agrees to ensure that all of the improvements described below will <br />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 110-Subdivisions, and Chapter 114- ZopJlng, of the San <br />Marcos City Code. <br /> <br /> PART 2. PROPERTY IMPROVEMENTS <br /> <br /> Section 2.01. K-W intends to construct a new 27,400 square foot building (the "Building") <br />on the Property at a cost of approximately $1,370,000. K-W will relocate its corporate offices to the <br />Building when the Building is completed. K-W may construct a second building on the Property at a <br />later time. <br /> <br /> Section 2.02. K-W will ensure that the construction of the Building and related facilities is <br />completed by June 30, 2005. <br /> <br /> Section 2.03. K-W will ensure that at least two new full-time job equivalents (over and <br />above the existing level of K-W employees) are created at the Building by December 31, 2005. The <br />requirement for the creation of each "full-time job equivalent" will be met by the scheduling of the <br />new employees for at least 40 hours of work per week at the completed Building during at 16ast four <br />weeks prior to December 31, 2005. <br /> <br /> PART 3. ECONOMIC INCENTIVES PROVIDED BY THE CITY <br /> <br /> Section 3.01. As consideration for the construction of the Building and the creation of the <br /> <br />1 <br /> <br /> <br />