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CHAPTER 380 ECONOMIC DEVELOPMENT AGREEMENT <br />This CHAPTER 380 ECONOMIC DEVELOPMENT AGREEMENT (this <br />"Agreement"") is entered into to be effective as of the day of , 2008 (the <br />"Effective Date"), by and between CITY OF SAN MARCOS, TEXAS (the "City") and <br />HEB GROCERY COMPANY, L.P., a Texas limited partnership (the "Developer'. <br />RECITALS <br />WHEREAS, the Developer currently owns and operates a distribution warehouse <br />on an approximately 75.91-acre tract of land located at 2301 Hunter Road, San Marcos, <br />Texas (the "Existing Tract"); and <br />WHEREAS, the Developer currently intends to acquire an additional <br />approximately 47.50 acres of land located in San Marcos, Texas, adjacent to the Existing <br />Tract (the "New Tract") (as more particularly described or depicted on Exhibit "A" <br />hereto) <br />WHEREAS, the Developer currently intends to develop on the New Tract and the <br />Existing Tract (the New Tract and the Existing Tract hereinafter collectively referred to as <br />the "Land") up to an additional total of 750,000 square feet of distribution warehouse <br />space in phases in one or more buildings during the Term (as "Term" is defined below) of <br />this Agreement (each such additional warehouse building on. the Land, a "New <br />Building"); and <br />WHEREAS, operation of each New Building that is also a Qualified Improvement <br />(as defined below) will retain and create new jobs and tax value, and will promote local <br />economic development and stimulate business and commercial activity in the City; and <br />WHEREAS, the Developer has advised the City that a contributing factor that <br />would induce the Developer to construct each New Building would be the making of an <br />economic development grant to defray a portion of the overall costs to be incurred by the <br />Developer as a consequence of constructing and operating the New Buildings during the <br />Term of this Agreement; and <br />WHEREAS, under Chapter 380 of the Texas Local Government Code, the City <br />has adopted an economic development program to promote local economic development <br />and stimulate business and commercial activity within the City; and <br />WHEREAS, the City and the Developer desire to set forth in this Agreement the <br />terms and conditions of the grant to Developer of certain City funds as an incentive for <br />Developer's operation of each Qualified Improvement on the Land (the "Grant"); and <br />WHEREAS, the parties recognize that all agreements of the parties hereto and all <br />terms and provisions hereof are subject to the laws of the State of Texas and all rules,