Res 2010-070 - Laserfiche WebLink

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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT This agreement (the "Agreement ") is entered into between the City of San Marcos, Texas (the "City "), a Texas municipal corporation, and El Milagro of Texas, Inc., an Illinois corporation ( "Recipient "). The City and Recipient are collectively referred to as the "Parties ". PART 1. RECITALS Section 1.01. The City is located in close proximity to several similarly sized, larger or fast growing municipalities competing to attract and retain businesses necessary for economic stability within their respective communities. Section 1.02. Recipient is a food manufacturing business that is establishing a new manufacturing facility at 400 Barnes Drive in San Marcos (the "Facility ") that will initially employ an estimated 75 employees with an additional 25 to be added within the next year (the "Project "). Recipient has requested an incentive from the City in support of the Project. Section 1.03. The City is authorized under Chapter 380 of the Texas Local Government Code ( "Chapter 380 ") to offer certain economic development incentives for public purposes, including the promotion of local economic development and the stimulation of business and commercial activity in the City. Section 1.04. Providing an incentive for the Project is consistent with the public purpose of Chapter 380 and the economic development objectives of the City. Section 1.05. For the reasons stated in these Recitals and in consideration of the mutual benefits to and promises of the Parties set forth below, the Parties want to enter into this Agreement and agree to the terms and conditions set forth in this Agreement.