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attached hereto and made a part hereof, for all purposes. In connection with the Project, <br />Recipient further estimates that it will add seven to 10 new full-time employment positions with <br />a projected payroll of $120,000.00. The New School and the creation of said seven to 10 new <br />jobs are collectively referred to as (the "Project"). Recipient has requested incentives from the <br />City in support of the Project. <br />Section 1.06. 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 provision of jobs and the stimulation of business and commercial activity in the <br />City. <br />Section 1.07. Providing incentives in support of the Project under Chapter 380 will <br />produce, among other benefits, the following benefits desired by the City: <br />a) new capital investment in educational facilities and programs; <br />b) the retention and creation of jobs; <br />C) the retention and attraction of residents and employers for which a <br />diversity of educational programs and opportunities is a determining factor as to where to <br />reside or locate; and <br />d) new opportunities for other retail and service businesses that serve the <br />needs of schools and their employees. <br />The Project and the incentives requested by Recipient are, therefore, consistent with the <br />economic development objectives of the City. <br />Section 1.08. For the reasons stated in these Recitals and in consideration of the mutual <br />benefits to and promises of the Parties set forth below, the Parties want to enter into this <br />Agreement and agree to the terms and conditions set forth in this Agreement. <br />2