Res 2008-170 - Laserfiche WebLink

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regulations and interpretations of any agency or subdivision thereof at any time governing the subject matters hereof, AGREEMENT NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: ARTICLE I PURPOSE AND INTERPRETATION The Developer wants to develop the New Buildings in the City to supplement its existing warehouse distribution center operations in the City. Subject to the terms and conditions of this Agreement, Developer intends to create at least 320 new "Jobs" (as defined below) in the aggregate at the Land during the tenn of this Agreement. The City wants to grant to the Developer an amount equal to the taxes due and paid on the increased ad valorem tax value of each Qualified Improvement (as defined below) for a 10-year period per building during the Tenn of this Agreement as an incentive for the Developer's location of the New Buildings and the Jobs in the City. ARTICLE II DEFINITIONS SECTION 2.1. The City's payments of Real Property Taxes (as defined below) from the Tax Fund (as defined below) to the Developer during the Term of this Agreement are herein referred to as "Grant Payments ". SECTION 2.2. "Job" means a permanent, full-time employment position resulting from the addition of a New Building, hired directly or contracted through another entity, that provides health benefits and has provided or will result in employment of at least 1,820 hours in the position in a year. Any position providing less than the specified number of hours a year, regardless of the employer's designation of such position, does not qualify as a "Job" for purposes of this Agreement. SECTION 2.3. "Base Tax Year Value" means the ad valorem tax value of the Land as established by the Hays County Tax Assessor-Collector's Office for calendar year 2009. SECTION 2.4. "Qualified Improvement" means a New Building containing at least 50,000 square feet and costing at least $2,000,000.00 to construct. Furthermore, a Qualified Improvement must continue operating, whether as a distribution warehouse or otherwise, during its 10-year payout period and for an additional five years thereafter, and if such operations do not continue during that 15-year period (subject, however, to any interruption for remodeling, repair, or an event of force majeure, which interruption shall