Res 2010-170 - Laserfiche WebLink

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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT As of November 1, 2010 (the "Effective Date ") this agreement (the "Agreement ") is entered into between the City of San Marcos, Texas (the "City "), a Texas municipal corporation, and PrimeForm Building Systems, L.L.C., a Delaware limited liability company, duly authorized to conduct business in the State of Texas ( "PrimeForm "). The City and PrimeForm may also be referred to collectively as the "Parties" or individually as a "Party ". PART 1. RECITALS Section 1.01. PrimeForm is a start-up venture that manufactures composite insulating concrete forms, an energy efficient building product made almost exclusively of recycled foam plastic, "green" cement supplied by local producers, and other recycled and proprietary materials. Section 1.02. PrimeForm has informed the City that financial incentives from the City would induce PrimeForm to locate its headquarters and operations in the City of San Marcos. Section 1.03. By locating its headquarters and operations to the City of San Marcos, PrimeForm will create new jobs, generate sales tax revenues, add improvements to real property and personal property and inventory subject to ad valorem tax assessment. 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. Section 1.05. The City has determined that providing an economic development grant to PrimeForm to locate its headquarters and operations in the City of San Marcos will promote local economic development and stimulate business and commercial activity in the City.