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<br />Doc Bk Vol l~g <br />00019273 OPR 1705 59P <br /> <br />TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS <br />AND THERMON MANUFACTURING COMPANY FOR DEVELOPMENT <br />OF MANUFACTURING FACILITY <br /> <br />This tax abatement agreement (this "Agreement") is entered into between the City of San <br />Marcos, Texas (the "City"), a Texas municipal corporation, and Thermon Manufacturing Company, <br />("Thermon"), a Texas corporation. <br /> <br />PART 1. GENERAL PROVISIONS <br /> <br />Section 1.01. This Agreement is authorized and governed by the Property Redevelopment <br />and Tax Abatement Act (Chapter 312 of the Texas Tax Code), and by the City's Policy on Tax <br />Abatement and Economic Development Incentives (the "Policy") adopted by Resolution on February <br />14,2000. <br />Section 1.02. Thermon is the owner of Lot 2 of Unit Two, Thermon Industrial Park No.2 <br />(the "Property"), as recorded in the Hays County Plat Records in Volume 5, Page 6, located in the <br />300 block of Barnes Drive. The Property meets the eligibility criteria for tax abatement under the <br />Policy. The Property is situated within the City of San Marcos Reinvestment Zone No. 17 <br />designated by separate ordinance by the City Council. <br />Section 1.03. The Property is not part of an improvement project financed with tax <br />increment bonds. <br /> <br />Section 1.04. This Agreement is subject to the rights ofthe holders of outstanding 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 />Councilor any member of the City Planning and Zoning Commission. <br />Section 1.06. Thermon agrees to ensure that all ofthe improvements described below will <br />conform to all applicable City ordinances and regulations, including but not limited to the City's <br />Master Plan, and Chapter 5-Buildings and Building Regulations, Chapter 74-Streets and Sidewalks, <br />Chapter 94-Development Standards, Chapter 11 O-Subdivisions, and Chapter 114- Zoning, of the San <br />Marcos City Code. <br /> <br />PART 2. PROPERTY IMPROVEMENTS <br /> <br />Section 2.01. Thermon intends to construct a new 6,375 square foot manufacturing facility <br />(the "Facility") on the Property at a cost of approximately $1,000,000. The Facility will be equipped <br /> <br /><,;;;filliP 10: <br /> <br />CITY OF SAN MARCOS <br />A TIN: legal Oept. <br />630 East Hop-klns Street <br />San Marcos, TX 78666 <br />