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185. TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND LINCOLNIMFIL RED OAK, LTD. FOR DEVELOPMENT OF RETAIL COMMERCIAL FACILITIES This tax abatement agreement (this "Agreement") is entered into between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and LincolnIMFIL Red Oak, Ltd. (the "Developer"), a Texas limited partnership. PART 1. GENERAL PROVISIONS Section 1.01. This Agreement is authorized and governed by the Property Redevelopment and Tax Abatement Act (Chapter 312 of the Texas Tax Code), and by the City's Economic Development Incentives Policy (the "Policy"). Section 1.02. The Developer owns the 45 acre, more or less, tract of property (the "Property") described on the attached Exhibit A, located in the 2200 - 2300 blocks of Wonder W orId Drive in San Marcos, Hays County, Texas. The Property meets the eligibility criteria for tax abatement under the Policy. The Property is situated within the City of San Marcos Reinvestment Zone No. 20 designated by separate ordinance by the City Council. Section 1.03. The Property is not part of an improvement project financed with tax increment bonds. Section 1.04. This Agreement is subject to the rights ofthe holders of outstanding bonds of the City. Section 1.05. The Property is not owned or leased by any member of the San Marcos City Councilor any member of the City Planning and Zoning Commission. Section 1.06. The Developer agrees to ensure that all of the improvements described below will conform to all applicable City ordinances and regulations. PART 2. PROPERTY IMPROVEMENTS Section 2.01. The Developer intends to construct new retail commercial facilities with approximately 300,000 square teet in building space (the "Facilities") on the Property at a cost of approximately $14,000,000. Section 2.02. The Developer will ensure that the construction ofthe Facilities is completed by December 31, 2006. 1