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5. the attraction of persons in need of health care services from surrounding <br />communities and the attendant spending by such persons at local businesses and lodging <br />facilities. <br />The Project and the incentives requested by CTMC are, thus, consistent with both the economic <br />development objectives of the Policy and objectives of the City to retain and attract healthcare <br />facilities and persons employed in the healthcare industry <br />Section 1.07. 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 />PART 2. OBLIGATIONS OF CTMC <br />Section 2.01. Hospital Expansion. CTMC shall make capital investments for new <br />construction of approximately 63,000 square feet of buildings and improvements related to the <br />Hospital Expansion with a value of at least $35,000,000.00, as depicted in, and in accordance <br />with Exhibits "A" and "B and the plans and specifications for the Hospital Expansion approved <br />by the City as part of the City's permitting process. <br />Section 2.01(a). Completion Date. Construction of the Hospital Expansion <br />shall be completed on or before July 1, 2010 ( "Completion of the Hospital Expansion "), <br />subject to force majeure events under Section 5.15. Completion of the Hospital <br />Expansion shall be evidenced by the issuance by the City of a Certificate of Occupancy <br />to CTMC for all improvements. <br />Section 2.02. Job Creation. CTMC will make a good faith endeavor to add 50 -70 new <br />full -time permanent employment positions in connection with the Hospital Expansion for <br />persons residing in or relocating into the City of San Marcos. Such full -time employment <br />Page 3 of 12 <br />