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The City and the County wish to provide in this Agreement for the County to make <br />payments to the City of a portion of the County's tax increment revenues derived from increases in <br />property values resulting from new development in the Reinvestment Zone, which payments are to <br />be used by the City to reimburse the Developer for a portion of the Project Costs under the terms <br />and conditions described in this Agreement. <br />AGREEMENT: <br />In consideration of the mutual covenants and agreements contained herein, as well as other <br />good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the <br />City and the County agree as follows: <br />SECTION 1. DEFINITIONS. <br />In this Agreement: <br />A. Captured appraised value for a year means the total appraised value of all real <br />property taxable by the City or County and located in the Reinvestment Zone for that year, less the <br />respective tax increment base of the City or County. <br />B. Project means, initially, the Project as set forth in Exhibit C. The public <br />improvements constituting the Project may be revised or supplemented by amendments to the <br />Project Plan that are adopted by the Board of Directors of the Reinvestment Zone and approved by <br />the City Council of the City from time to time. <br />C. Project Plan means the Project Plan and Reinvestment Zone financing plan for the <br />Reinvestment Zone adopted by the Board of Directors of the Reinvestment Zone and approved by <br />the City Council of the City, and amendments to these plans that are adopted by the Board of <br />Directors of the Reinvestment Zone and approved by the City Council of the City from time to <br />time. <br />D. Tax increment for a year means the amount of property taxes levied and collected <br />by the City or County for that year on the captured appraised value of real property taxable by the <br />City or County and located in the Reinvestment Zone. <br />E. Tax increment base means the total appraised value of all real property taxable by <br />the City or County and located in the Reinvestment Zone for the year 20[12] according to the <br />certified Hays County Tax Roll. <br />F. Tax Increment Fund means the tax increment fund created by the City for the <br />Reinvestment Zone. <br />SAN MARCOS TIRZ NOA: Intcrloca ftg t <br />