Res 2008-136 - Laserfiche WebLink

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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT This agreement (the "Agreement") is entered into by and between Chuck Nash Auto Group ("Developer"), and the City of San Marcos, Texas (the "City"), collectively referred to as the "Parties". PART 1. RECITALS Section 1.01. The City seeks to promote local economic development and to stimulate business and commercial activity in the City. Section 1.02. Developer has an opportunity to open a new regional automobile dealership, the primary activity of which is the selling of new automobiles, but which may include as secondary and related activities, the selling of pre-owned automobiles, the selling of parts and automobile repair and maintenance services (the `Business"). Section 1.03. For conducting the Business, Developer has proposed and intends to construct a facility consisting of, among other things, approximately 42,706 square feet of building space, with a value of approximately $7,500,000.00 (the "Project") on approximately 11.55 acres of land located at 3209 IH-35 North, San Marcos, Texas (the "Premises"). A site plan for the Project is attached hereto as Exhibit "A", made a part hereof for all purposes. Section 1.04. Developer anticipates that, upon completion of the Project and opening the Business it will have on and within the Premises equipment and inventory with an initial estimated taxable value of $2,000,000.00 and will employ an estimated 100 employees with an estimated initial payroll of $2,750,000.00. Section 1.05. The Business and the Project will produce the following benefits desired by the City (collectively the "City's Economic Development Objectives"): a. new substantial capital investment and enhanced potential for the