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<br />r <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />111. <br /> <br />TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS <br />AND SAN MARCOS VIST A PARTNERS, LIMITED FOR DEVELOPMENT <br />OF OFFICE AND MEDICAL FACILITY <br /> <br />ThIS tax abatement agreement (thIS "Agreement") IS entered mto between the CIty of San <br />Marcos, Texas (the "CIty"), a Texas mumcIpal corporatIOn, and San Marcos VIsta Partners, LImIted <br /> <br />("SMVP") <br /> <br />PART 1. GENERAL PROVISIONS <br /> <br />Section 1.01. ThIs Agreement IS authonzed and governed by the Property Redevelopment <br />and Tax Abatement Act (Chapter 312 of the Texas Tax Code), and by the CIty'S EconomIc <br />Development IncentIves PolIcy (the "Pohcy") <br />Section 1.02. SMVP owns the 5 0 acre, more or less, tract of property (the "Property") <br />described on the attached ExhibIt A, located m the 1300 block of Wonder World Dnve m San <br />Marcos, Hays County, Texas. The Property meets the ehgibIhty cntena for tax abatement under the <br />Pohcy The Property IS sItuated wIthm the CIty of San Marcos Remvestment Zone No 18 deSIgnated <br />by separate ordmance by the CIty CounCIl. <br />Section 1 03. The Property IS not part of an Improvement project financed wIth tax <br />mcrement bonds. <br /> <br />Section 1.04. ThIS Agreement IS subject to the nghts of the holders of outstandmg bonds of <br />the CIty <br />Section 1.05. The Property IS not owned or leased by any member of the San Marcos CIty <br />CouncIl or any member of the CIty Plannmg and Zomng CommISSIOn. <br />Section 1.06. SMVP agrees to ensure that all of the Improvements described below WIll <br />conform to all apphcable CIty ordmances and regulatIOns. <br /> <br />PART2. PROPERTY IMPROVEMENTS <br /> <br />Section 2.01 SMVP mtends to construct a new profeSSIOnal office and medIcal faCIlIty <br />approxImately 68,000 square feet m SIze (the "FaCIlIty") on the Property at a cost of approxImately <br />$8,000,000 The FaCIlIty WIll be constructed m three phases, WIth Phase One bemg approxImately <br />8,000 square feet, Phase Two bemg approxImately 35,000 square feet, and Phase Three bemg <br />approxImately 25,000 square feet. <br />Section 2.02. SMVP wIll endeavor to complete Phase One and Phase Two of the FacIhty by <br />