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<br />Iii! n~d\. J Fj1 '7 r.Y F. - '" <br />!-I\' '"'I iJ,Jq '1 Ilg~ <br />~ Iu /11 t= fVIJ~\rn! ; r. b <br />f:; <br /> <br />122 <br /> <br />TAX ABATEMENT AGREEMENT BETWEEN <br />THE CITY OF SAN MARCOS AND T.B. WOOD'S, INC. <br />FOR NEW 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 T.B. Wood's, Inc. ("T.B. Wood's"), <br />a Pennsylvania 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 adopted <br />on January 12, 1998. <br />Section 1.02. T.B. Wood's owns Lot 1 of the Gilmore Industrial Park No.1 Subdivision (the <br />"Property") in San Marcos, Hays County, Texas per the plat recorded in Volume 8, Page 196 of the <br />Plat Records of Hays County, Texas. The Property meets the eligibility criteria for tax abatement <br />under the Policy. The Property is situated within the City of San Marcos Reinvestment Zone No. <br />12 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. T.B. Wood's agrees to ensure that all of the Improvements described below <br />will 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 />1 <br /> <br />./ <br />R iffutLP /,;: <br /> <br />CITY OF SAN MARCOS <br />A TTN: Le~al D~pt. <br />630 East HaRkinS Street <br />San Marcos, TX 78666 <br />