Res 2010-166 - 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 Bolton Real Estate Investments, L.L.C., a Texas limited liability company ( "Recipient ") and Larry Edward Bolton, Jr. ( "Guarantor "). The City, Recipient and Guarantor are collectively referred to as the "Parties ". PART 1. RECITALS Section 1.01. The City seeks to attract and retain a diverse range of businesses that provide well paying jobs necessary for economic stability. Section 1.02. Nexus Medical Consulting, L.L.C. ( "Affiliate ") is a business providing utilization review, complex peer review and cost containment services to physicians and medical insurance industry businesses. Recipient is a business entity affiliated with Affiliate that owns certain real and personal property leased or otherwise used or to be by Affiliate in furtherance of Affiliate's business. Section 1.03. Affiliate is experiencing steady growth in its business and anticipates hiring many new employees. Affiliate currently maintains offices in the City, but needs to relocate and expand into a new facility that can accommodate its growth. Recipient has requested an incentive from the City in support of its efforts to renovate certain real property located at 101 Thermon Drive, San Marcos, Texas (the "Facility ") where Affiliate intends to relocate and expand its business operations. Section 1.04. 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.