Res 2005-187 - Laserfiche WebLink

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I I I 1 61 . T AX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND CFAN COMPANY FOR MANUFACTURING FACILITY EXPANSION IN SAN MARCOS REINVESTMENT ZONE NO 2 ThIS tax abatement agreement (thIS "Agreement") IS entered mto between the CIty of San Marcos, Texas (the "CIty"), a Texas mumcIpal corporatIOn, and CF AN Company ("CF AN"), a partnershIp PART 1 GENERAL PROVISIONS Section 1.01. ThIs Agreement IS authonzed and governed by the Property Redevelopment and Tax Abatement Act (Chapter 312 of the Texas Tax Code), and by the EconomIC Development Incentlves PolIcy (the "Pohcy") adopted by ResolutIOn on May 3, 2005 Section 1.02. CF AN IS the owner of the tract of property (the "Property") located at 1000 Technology Way, m San Marcos, Hays County, Texas, legally described as Lots 1,2 and 3 of the San Marcos Technology Park SubdIvIsIOn, accordmg to the map or plat recorded m Volume 5, pages 147-151 of the Hays County Plat Records. The Property meets the elIgibIhty cntena for tax abatement under the Tax Abatement Act and the Pohcy The Property IS sItuated wIthm the CIty of San Marcos Remvestment Zone No 2 deSIgnated by separate ordmance by the CIty CouncIl. Section 103. The Property IS not part of an Improvement proJect financed wIth tax mcrement bonds. Section 1.04. ThIS Agreement IS subJect to the nghts of the holders of outstandmg 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 Plannmg and Zomng CommISSIOn. Section 1.06. CF AN agrees to ensure that all of the Improvements described below wIll conform to all apphcable CIty ordmances and regulatIOns. PART 2. PROPERTY IMPROVEMENTS Section 2.01. CF AN mtends to construct bUIldmg Improvements (the "Improvements") and mstall manufacturmg eqUIpment (includmg toolmg) (the "EqUIpment") at CFAN's manufacturmg facIhty (the "FacIhty") on the Property over a ten-year penod at a total cost of approxImately $30,000,000 Section 2.02. CF AN wIll use ItS best efforts to construct the Improvements and mstall the EqUIpment at the FacIlIty m accordance wIth the schedule described m the "Proposed Investment"