Res 2012-033 - Laserfiche WebLink

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CHAPTER 380 ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT As of April 17, 2012 (the "Effective Date ") this agreement (the "Agreement ") is entered into between the City of San Marcos, Texas (the "City "), a Texas municipal corporation, and Hays County Developers, Ltd. ( "Owner "). The City and Owner may also be collectively referred to as the "Parties" or individually as a "Party ". PART 1. RECITALS Section 1.01. The City is authorized under Chapter 380 of the Texas Local Government Code ( "Chapter 380 ") and by the City's Economic Development Incentives Policy (the "Policy ") to offer certain economic development incentives for public purposes, including the promotion of local economic development and the stimulation of business and commercial activity in the City. Section 1.02. Owner owns a 4.46 acre, more or less, tract of land at 1251 Sadler Drive, San Marcos, Hays County, Texas (the "Property ") Section 1.03. The Owner intends to construct "Class A" medical and professional office lease space consisting of three building totaling at least 54,000 square feet according to plans and specifications described in this Agreement below (the "Project ") Section 1.04. The City has determined that providing an economic development grant to the Owner for the Project will promote local economic development and stimulate business and commercial activity in the City. Section 1.07. For the reasons stated in these Recitals and in consideration of the mutual benefits to and promises of the Parties set forth below, the Parties want to enter into this Agreement and agree to the terms and conditions set forth in this Agreement.